I'm pretty confident that the answer is option A - create a master-detail relationship on Open_Position__c to Application__c. This way, each application can be linked to multiple open positions, which meets the requirement.
This question seems straightforward - it's asking about best practices for controlling where a promotion is shown on a storefront. I think the key is understanding the different configuration settings available, like Promotions location, Location Display Sequence, and Page Location.
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