Markup is the amount a retailer adds to the product's cost to determine the net profit rate to be earned when it is sold.

Name: Markup is the amount a retailer adds to the product's cost to determine the net profit rate to be earned when it is sold.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Markup is the amount a retailer adds to the product's cost to determine its selling price, not the net profit rate. Net profit is calculated by subtracting all expenses, including the cost of goods sold, from the total revenue.

Markup Is the Amount a Retailer Adds to the Product's