Only an established company is permitted to sell new securities to the public

Which one of the following statements is correct?

a. All secondary markets are dealer markets b. All secondary markets are broker markets c. All stock trades between existing shareholders are primary market transactions d. All stock transactions are secondary market transactions e. All over-the-counter sales occur in dealer markets

A channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity is referred to as a(n) ________

A) corporate vertical marketing system B) contractual vertical marketing system C) direct marketing system D) horizontal marketing system E) administered vertical marketing system