Statement I: in a Centrally Planned Economy the Government Sets

Multiple Choice

Statement I: In a centrally planned economy the government sets the prices and decides how much of each good is to be produced.
Statement II: In a market economy,the interaction of buyers and sellers sets prices and determines how much of each good is to be produced.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.