I saw MRP of rs 15.50 of biscuit. What does it mean?
Manufacturer's Recommended Price
also seen as MSRP
Mfgr's Suggested Retail Price
The MRP (Maximum Retail Price) of the biscuit is Rs 15.50. This means that the manufacturer or the seller has set the maximum price at which the biscuit can be sold to the consumers. Retailers cannot sell the biscuit at a price higher than Rs 15.50, but they can sell it at a lower price if they wish.
The MRP stands for Maximum Retail Price. It is the highest price at which a product can be sold to the end consumer as set by the manufacturer or the government regulatory authority. In this case, the MRP of the biscuit you saw is Rs 15.50, which means the seller cannot legally sell the biscuit to the consumer for more than that price. It acts as a guideline to prevent unfair pricing practices and help consumers make informed decisions about the products they purchase.
To find the MRP of a product, you can usually look for it on the packaging or label of the item. It is often displayed prominently and clearly for the customers to see. The MRP ensures that consumers are not overcharged and provides a standard price across different retail outlets.