Yes, markup is a Scrabble word!
...and is worth 14 points in Scrabble, and 17 points in Words with Friends
markup
Noun
1. The amount added to the cost to determine the asking price
2. Detailed stylistic instructions for typesetting something that is to be printed; manual markup is usually written on the copy (e.g. underlining words that are to be set in italics)
What Scrabble words can I make with the letters in markup?
4 Letter Words
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3 Letter Words
2 Letter Words