Under socialism, prices and wages are set by

the government

the law of supply and demand.

a committee of business leaders.

political leaders from all parties.

the government

Explanation:

Socialism implies public ownership rather than the private authority on the property and the resources. Socialism focuses on moving with the cooperation and not in individual terms. A socialist economy refers to the economy where the means of production are owned by the public. Here, the concentration lies in providing goods and services and not to generate profit. The democratic government sets the prices of the goods and the services that can be used in public welfare. The government plays a comprehensive role by regulating economic activities in a socialist economy.