The price, at which an article is purchased, is called its cost price, abbreviated as C.P.
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The price, at which an article is sold, is called its selling prices, abbreviated as S.P.
Profit or Gain:
If S.P. is greater than C.P., the seller is said to have a profit or gain.
If S.P. is less than C.P., the seller is said to have incurred a loss.
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