What does "to mark down" mean?

[Leon]

English Grammar Tests, Elementary Level

ESL/EFL Test #84 "ESL Prepositions", question 6

Low consumer demand has forced the retailer to mark ......... a wide range of goods by as much as 40%.

(a) up
(b) down
(c) back
(d) off

English Grammar Tests, Elementary Level

ESL/EFL Test #84 "ESL Prepositions", answer 6

Low consumer demand has forced the retailer to mark down a wide range of goods by as much as 40%.

Correct answer: (b) down
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What does "to mark down" mean?

Leon

[Alan]

Hi Leon,

Mark down simply means reduce in cost - make cheaper. In sales, shops mark prices down to attract more customers.

Alan
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English as a Second Language
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[MadokaLiu]