What is the abbreviation of MRP? What is MRP on products?

MRP stands for Maximum Retail Price. It is the maximum price at which a product can be sold to a consumer, inclusive of all taxes and other charges. The MRP is usually printed on the product label or packaging, and it is a legal requirement for manufacturers to print the MRP on their products in many countries.

The MRP is determined by the manufacturer or importer of the product, and it is based on factors such as the cost of production, transportation, marketing, and other associated expenses. Retailers are not allowed to sell the product above the MRP, but they are free to sell it at a lower price if they choose to do so.

The MRP serves as a price ceiling and provides a level of protection for consumers against unfair pricing practices. Consumers can use the MRP to compare prices of different brands and products, and they can be assured that they are not being overcharged for a particular product. Additionally, the MRP allows consumers to make informed purchasing decisions based on the price and value of a product.

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