The cost-based method of pricing is marking up a product based on its cost plus a desired profit margin.

Name: The cost-based method of pricing is marking up a product based on its cost plus a desired profit margin.
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The cost-based method of pricing involves determining the total cost of producing a product (including materials, labor, and overhead) and then adding a markup percentage to ensure a desired profit margin.

The Cost-Based Method of Pricing Is Marking Up a Product