Markups are determined partly on the basis of marketers' judgments of the amounts that consumers will pay for a product.

Question

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Marketers often consider consumer behavior and preferences when setting prices for products, including determining appropriate markups. They may also factor in costs and competition, among other factors. Ultimately, the goal is to find a price that maximizes profits while still appealing to consumers.

Markups Are Determined Partly on the Basis of Marketers' Judgments