What is the same with a duck and a bicycle? The handlebars--oh, except for the duck.
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Explanation
Explain Bear
Okay, listen up buttercup. The joke sets you up to think of something ducks and bikes have in common, which is handlebars. But then it pulls the rug out from under ya because ducks don't actually HAVE handlebars, ya dingus. It's funny because it's unexpected, kinda like finding out you still think Nickelback is cool.