Which statement about markup pricing is true? Multiple Choice It involves pricing a product higher than competitors in order to promote an image of superior quality. It is the most difficult of the pricing tactics to implement. It is estimated by adding a certain amount to the profit of a product to set the final price. It is not very effective at maximizing profits. It is one of the least used pricing tactics.

The correct answer is: It is estimated by adding a certain amount to the profit of a product to set the final price.<br /><br />Markup pricing involves setting the price of a product by adding a certain amount, known as the markup, to the cost of the product. This markup represents the desired profit margin for the seller. The final price is determined by adding the markup to the cost of the product. This pricing strategy is commonly used in retail and wholesale businesses to ensure profitability.