A Markup Is the Dollar Amount Added to the Cost

question 213

True/False

A markup is the dollar amount added to the cost of products to get the selling price.

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Definitions:

Supply

A schedule or curve that shows the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specified period of time.

Elastic

A characteristic of a good or service indicating that its quantity demanded or supplied changes significantly when there is a change in price.

Elasticity Of Supply

A measure of how much the quantity supplied of a good changes in response to a change in price.

Shifting Resources

The process of reallocating resources from one use to another, often in response to changes in market conditions or economic priorities.