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In today's free-market economy, there are two markets in which products are sold; retail markets and wholesale markets. In each, the products are the same but their prices, amounts, and to whom they are sold differ. For example, a book can be sold in both the retail and the wholesale market. The price is different in the two markets (lower and based on volume in bundles of multiple units for wholesalers, higher and based on individual units for retailers), the quantities are different (with wholesalers typically purchasing multiple units), and the customers are also different (businesses versus individual end users). The reason resides in the definition of retailing.

Basically, retailing consists of the sale of products or services to the purchaser or the end user. The ...

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