Q. With reference to socialism, consider the following statements:

Select the correct answer using the code given below:

1 only

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2 only

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3 only

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1, 2 and 3

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Solution

The correct option is C 3 only
Explanation:

Statement 1 is incorrect: Under Socialism, factors of production are completely owned by the government and the role of government is maximum.

Statement 2 is incorrect: Price is determined by the market under socialism as the motive is the welfare of the society.

Statement 3 is correct: Competition is almost absent in socialism.

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