Question: What is the full form of MRP?
- Maximum Retail Price
- Minimum Retail Price
- Market Retail Price
- Manufacturer Recommended Price
Answer: A. Maximum Retail Price
MRP Full Form is the Maximum Retail Price (MRP) and the highest price at which a product can be sold to a customer. It is set by the manufacturer or importer of the product and is printed on the product packaging. Retailers are not allowed to sell the product above the MRP.
- MRP is a way to protect consumers from being overcharged for products. It also helps to maintain a fair and competitive market.
- MRP is a crucial system for companies involved in production and inventory management. It helps them plan and manage resources such as materials, labor, and machinery efficiently to meet production demands and optimize processes.
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