Economics · Glossary of Economic and Financial Terms
Which of the following best defines the term 'Administered Prices'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Prices established by retailers based strictly on localized consumer behavior patterns.
- 2Prices of goods or commodities decided directly by a central authority, such as the government.✓
- 3Prices set collectively by international trade organizations to regulate global exports.
- 4Prices that are determined automatically by competitive market forces of demand and supply.
Correct answer
Prices of goods or commodities decided directly by a central authority, such as the government.
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