Concept explainers
To complete: The given statement.
Answer to Problem 2CR
The statement can be written as follows:
A(n) markupis an increase from the wholesale price of an item to the retail price.
Explanation of Solution
Given information:
The following statement
A(n) ? is an increase from the wholesale price of an item to the retail price.
The price at which the retailer buys an item is called the wholesale price. The price at which the retailer sells an items is called the retail price. An increase from the wholesale price to the retail price is called a markup. A markup is calculated as a percent of the whole sale price. The statement can thus be written as:
A(n) markupis an increase from the wholesale price of an item to the retail price.
Chapter 7 Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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