Identify the term used for the highest price that can be charged for a product sold in India.

Micro retail price

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Marginal retail price

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Maximum retail price

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Minimum retail price

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Solution

The correct option is C Maximum retail price
Maximum retail price (MRP) is the price calculated by the manufacturer which is the highest price that can be charged for a product sold in India. However, retailers may choose to sell products for less than the MRP. All retail products in India must be marked with MRP.

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