Markup can only be derived from the product's cost.

Markup

Markup is the difference between the cost of a product or service and its selling price, expressed as a percentage of the cost.

Acquire knowledge of the economic elements affecting sales processes, including gross profit, markup, and discounts.

Verified Answer

Final Answer :

False

Explanation :

Markup can also be based on factors such as value to the customer, competition, and market conditions, not just the product's cost.

Learning Objectives

Acquire knowledge of the economic elements affecting sales processes, including gross profit, markup, and discounts.