Knowing the Cost of Producing a Product Helps Determine the Price

question 12

True/False

Knowing the cost of producing a product helps determine the price to be charged for it

---

Definitions:

Mark-up on Cost

The percentage added to the cost price of goods to cover overhead and profit.

Lettuce

A leafy green vegetable commonly used in salads and sandwiches.

Selling Price

The amount for which something is sold; the price that a buyer pays.

Retail Price

The price at which goods or services are sold to the end consumer, inclusive of any markup from wholesalers or distributors.