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Question

_______________ price mechanism operates in a socialist economy.

A
Administered
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B
Open
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C
Free
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D
Support
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Solution

The correct option is A Administered
In a socialist economy, the price mechanism i.e. price affects the demand and supply of the commodities is directed by a centrally based planning authority that controls the price mechanism to certain limits and regulates it to protect civilians from fraudulent practices.

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