question
sales revenue
answer
Quantity sold * price per unit
question
wholesale price
answer
The cost of a good sold
question
markup
answer
The difference between the merchandise cost and selling price
question
markdown
answer
a reduction of selling price below the original selling price
question
percentages and times
answer
mark ups and markdowns are usually expressed in
question
elasticity of demand
answer
The degree to which a change in price affects the quantity demanded
question
elastic
answer
demand fluctuates significantly when chance in price
question
inelastic
answer
Describes demand that is not very sensitive to a change in price
question
prestige products
answer
sell better at higher prices than lower
question
elasticity
answer
sensitivity of demand regarding price change
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