The industry low, average and high benchmarks for the margins over direct costs (should be interpreted as representing how much sellers of private-label footwear received from each private-label pair sold that is available for repaying bank loans.
A private label product refers to a product that is manufactured by a third-party manufacturer and sold under the retailer's brand name.
Hence, the industry's benchmark should represents how much sellers of private-label footwear received from each private-label pair sold that is available for repaying bank loans.
Therefore, the Option C is correct.
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