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Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R).
Assertion (A) : Consumers can bargain below Maximum Retail Price (MRP).
Reason (R) : MRP is a price a seller must charge from the buyer.
Select the correct answer from the code given below :
Code :
Explanation
The Maximum Retail Price (MRP) is the highest price that a retailer can legally charge for a product in India, as governed by the Legal Metrology (Pre-Packaged Commodities) Rules, 2011. Because it is defined as a "maximum" limit inclusive of all taxes, it acts as a price ceiling rather than a fixed price.
Retailers are legally permitted to sell products at any price lower than the MRP. Consequently, consumers have the right to bargain for a lower price or a discount, making Assertion (A) true. Reason (R) is false because the MRP is not a mandatory fixed price that a seller must charge; it is simply the upper bound. Selling above the MRP is illegal, but selling below it is a standard market practice.
SIMILAR QUESTIONS
Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R).
Assertion (A) : During the 20th century, poverty and poor people have become the subject of our concern and duty.
Reason (R) : Strategically there was lack of targeted actions due to which this issue got momentum.
Select the correct answer from the code given below :
Code :
Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R).
Assertion (A) : Turkish invasion on India was successful.
Reason (R) : There was no political unity in North India.
Select the correct answer from the codes given below :