Maximum retail price

Okay kiddo, have you ever gone to a store with your parents and they bought you a toy or a snack? Do you know that there's a price written on the toy or the snack packet? That's the price that the store charges for that item, and it's called the retail price.

Now, sometimes the people who make the toys or snacks sell them to the store for a certain price. But the store needs to make some profit too, so they add a little extra to the price when they sell it to you. This extra amount is called the margin.

But sometimes, some stores might want to charge more than what is fair. They might charge way more than the margin they've added. To protect us customers from these unfair prices, the government has set a limit on how much stores can charge. This limit is called the Maximum Retail Price (MRP).

So, basically, MRP is the highest price that a store can charge for a product. It tells us what the product should ideally cost us, and ensures that we're not charged too much unfairly.

Hence, the next time you go shopping with your parents, you can look for the MRP label and know that you're paying the right price for that toy or snack.