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Which statement is CORRECT with respect to determining the market price of a product?
Gross Margin
A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.
Market Share
denotes the percentage of an industry's sales that a particular company controls, indicating its competitiveness and influence.
Competition
The rivalry between businesses or individuals for customers or resources, driving innovation and efficiency in the market.
Target Market
A specific group of consumers identified as the intended recipients of a product or service, based on shared characteristics or needs.
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