The price, at which an article is purchased, is called its cost price, abbreviated as C.P.
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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