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Explain the different dimensions of technological progress.
Final Selling Price
The ultimate price at which a product or service is sold to the consumer, including all discounts, promotions, and negotiations.
Original Markup
The difference between the cost of a product and its initial selling price, set to achieve a desired profit margin.
Maintained Markup
The percentage difference between the selling price of a product and its cost, ensuring a certain profit margin is sustained.
Off-Price Retailing
Selling brand-name merchandise at lower than regular prices.
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