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The gross profit margin ( = (S-CGS)/S ) is unchanged, but the net profit margin ( = NI/S ) declined over the same period. One

The gross profit margin ( = (S-CGS)/S ) is unchanged, but the net profit margin ( = NI/S ) declined over the same period. One of the reasons this could have happened if

a. dividends were decreased

b. sales increase relative to expenses

c. cost of goods sold increased relative to sales

d. the U.S. Congress increased the tax rate

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