MRP Full Form
MRP stands for Maximum Retail Price. It is the highest price that a seller can charge for a product as mandated by law. Here are some key points to understand about MRP:
- Purpose:
- Ensures that consumers do not pay more than the specified price.
Helps maintain price stability in the market.
Regulation:
- Set by manufacturers and displayed on product packaging.
Must be adhered to by all retailers.
Importance for Consumers:
- Provides transparency in pricing.
Allows consumers to make informed purchasing decisions.
Importance for Retailers:
- Helps in maintaining fair competition.
Protects against price gouging during high demand.
Variations:
- While MRP is the maximum price, discounts may be applied, allowing products to be sold at lower prices.
In many countries, displaying the MRP is a legal requirement to protect consumer rights.