Which term best describes a price change resulting in a lower dollar amount?

A price change resulting in a lower dollar amount is best described as a discount. A discount refers to a reduction from the original price of a product or service, making it more affordable for consumers. This means that the total price that the customer pays is decreased as a result of the discount applied.

In contrast, the other options do not align with the idea of a lower dollar amount. The term "cost" typically refers to the amount that a business pays for a product or service and does not necessarily imply a change in price due to a reduction. "Markup" describes an increase in price, where a seller adds a certain amount to the cost of an item to determine its selling price. "Markup ratio" quantifies the amount added to the cost and expresses it as a percentage but also does not relate to a decrease in price. Therefore, the term discount accurately encapsulates the concept of reducing a price.