Administered Price

Welcome, comrades! Administered price comes when a government imposes its own price on a given product or service.

In old Soviet Russia, the government thought it was smarter than the market, and would simply impose a maximum price on a given entity, like fuel at $1/kilo, or a doctor visit at $16 each, or a gallon of vodka at a penny.

We have similar forms of Communist-style, government-dictated pricing in the United States. Rent control is most reflective of that type of financial "governance." See "Communism" for details.