Michael Soles$$owner of Soles Shoe Store$$recently discovered that shoe stores in his trading area have an average markup of $40$ percent. Upon investigation, Michael found that his average markup is $$15$ on shoes that he sells for $$45.$ This suggests that

Question $2$ options:

Michael has higher$-$than$-$average costs.

Michael is pricing his products higher than his competitors.

Michael is taking a smaller average markup than his competitors.

Michael has a relatively high stockturn rate.

Michael's markups in dollar amounts are about the same as his competitors'.