A retailer's mark-up is his

Assessment: WAEC SSCE - Commerce - 1997 (Objective) Subject: Commerce

Question 1 Report

A retailer's mark-up is his
Answer Details
A retailer's mark-up is the difference between the selling price and the cost price of a product. In other words, it is the amount added to the cost price of a product to arrive at the selling price. It is usually expressed as a percentage of the cost price. For example, if a retailer buys a product for $50 and sells it for $70, the mark-up is $20.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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