What statement defines the term markup?

Markup is the difference between the cost of a product or service and its selling price, expressed as a percentage of the cost.

In simpler terms:

* Markup is the profit you add to the cost of something to determine the selling price.

* It's the extra amount you charge on top of what you paid for it.

Formula for Calculating Markup:

Markup = (Selling Price - Cost Price) / Cost Price * 100

Example:

* If a store buys a shirt for $10 and sells it for $15, the markup is 50%.

* ($15 - $10) / $10 * 100 = 50%