Assuming that a product's price is greater than its variable cost, which of the following statements is correct?

Question 1 options:

	Whether the margin(%) or the markup(%) is greater cannot be determined.
	The markup(%) of the product is the same as the margin(%) of the product.
	The markup(%) of the product is smaller than the margin(%) of the product.
	The margin(%) of the product is smaller than the markup(%) of the product.