If your company were to make a product such as a suit of clothes and sold that product to a retailer your company would have sold to the __________ merket?
Correct answer: A. reseller
- A. reseller
- B. business
- C. government
- D. service
Explanation
A retailer buys products for resale, so the transaction is made in the reseller market. Business and government markets involve organizational or public-sector purchasers, but a retailer is specifically a reseller.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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