Economics · Price Determination
Which of the following best describes 'administered prices'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Prices set based on direct negotiations between buyers and sellers
- 2Prices determined purely by the market forces of demand and supply
- 3Prices fixed single-handedly by individual private sellers
- 4Prices fixed or controlled by the government or a central authority✓
Correct answer
Prices fixed or controlled by the government or a central authority
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