Alex's country was once communist, but now allows limited private ownership of companies and lets market forces determine production and pricing decisions. What kind of economy is Alex living in?

A. Market communistB. Market socialistC. CapitalisticD. Democratic

Answer: B. Market Socialist

Explanation:

Market socialism, also called liberal socialism, is an economy that represents a half - way between socialism and free enterprise. This system allows limited private ownership of companies but production, pricing decision and consumption are determined and guided by market forces rather than by government planning.