A difference between the primary market and the secondary market is

a$.$

Liquidity

b$.$

That primary markets allow corporations, government units, and others to raise needed funds for the expansion of their capital base

c$.$

Price competition in the secondary markets between different risk$-$return classes enables the primary market to price new issues at higher prices to reflect existing risk$-$return relationships

d$.$

The secondary market is much more competitive than the primary market.