a) is a product or service price determined and set by the management of a company, without any negotiations between the seller and customer taking place. The majority of retail prices fall under this category but later are adjusted according to the market situation and the competitor’s prices.
b) is a product or service price that is set by a country’s government instead of the market forces. For example, governments regularly introduce price controls to keep certain products available and affordable for the population.
In a Sentence:
After the recent drop in prices performed by several of our competitors, we were forced to lower our administered price to maintain steady profits.
When the management gathered to decide the administered price for the new bicycle product line, they deliberately avoided examining the current market situation.
The Italian government instituted an administrated price for gasoline to control the recent oil-price spikes.
Synonyms and related words: retail price, discount price, industrial price, competition based pricing, competitive pricing