Final answer:
A peer-to-peer (P2P) network represents a local administration system where each workstation in a small to medium-sized LAN equally shares resources and responsibilities, without requiring a central server.
Step-by-step explanation:
A peer-to-peer (P2P) network is an example of local administration. In a P2P network, each workstation, or peer, has equivalent capabilities and responsibilities. This is opposed to centralized networks where a central server is predominantly in charge of managing resources. P2P networks are typically found in small to medium-sized local area networks (LANs), where each peer station can share resources directly with the other stations in the network without needing a central administrative system. These networks are common in home and small business settings due to their simplicity and low cost of setup and maintenance.