Which of the following statements does not describe a command economy?

Question

Quizplus · Accepted Answer

In a command economy, the government bureaucrats decide what and how much is to be produced, hence A is true. The command economy is sometimes called a "planned economy," so choice B is true. Producers offer a highly limited assortment of goods and services is also true, which makes Choice D valid. The economy of countries like Iran and North Korea is indeed Command economy, thus E is true. However, prices are not set by the law of supply and demand in a command economy; instead, the government determines the prices. Therefore, Choice C is the correct answer.

Which of the Following Statements Does Not Describe a Command