If your company were to make light bulbs to be used in photocopiers you would most likely be selling to a _________ market?
Correct answer: B. business
- A. reseller
- B. business
- C. government
- D. service
Explanation
Photocopier manufacturers are organizations buying bulbs for use in producing or operating their business, so this is a business market. A reseller would buy them mainly to sell them onward.
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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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