Mayra works at a jewelry store on the weekends. Roman, the store manager, asked her to help him with putting price tags on some new jewelry for display. Mayra was surprised that there was not much thought to the pricing process - all they did was look on the invoice for the price they paid, double that amount, and put that figure on the price tag. The jewelry store was using:

Question

Quizplus · Accepted Answer

The jewelry store was using cost-based pricing, which involves setting the selling price of a product by adding a markup to its cost price. In this scenario, the markup was 100% of the cost price (doubling the amount they paid).

Mayra Works at a Jewelry Store on the Weekends