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Several Artists in Charleston,South Carolina,show and Sell Their Work in an Art

question 248

Multiple Choice

Several artists in Charleston,South Carolina,show and sell their work in an art gallery downtown.The gallery is owned by an art lover who does not buy the paintings but displays them and collects a percentage on each piece sold.In terms of the marketing channel,the gallery is a(n) __________.


Definitions:

Carrying Cost

The total cost of holding inventory, including storage, insurance, taxes, and opportunity costs.

Terms Of Sale

Conditions agreed upon by the buyer and seller covering payment, delivery, and warranties, which define the responsibilities of each party in a transaction.

Inventory

The raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Credit

The ability of a borrower to obtain funds from a lender under agreed conditions.

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