Standard markup pricing entails Blank______.

Question

Multiple choice question.

setting a price at a certain level based on factors like tradition or a standardized channel of distribution

reducing prices in a systematic way over time based on the learning effect

selling a product below its customary price to attract attention to it

adding a fixed percentage to the cost of all items in a specific product class

Answer 1

The correct answer is:

adding a fixed percentage to the cost of all items in a specific product class.