Answer:
The correct answer is option a.
Explanation:
A centrally planned economy is a system in which a central agency such as the government takes all the economic decisions. The government decides the allocation of resources, what to produce, how to produce, the price level, etc.
Such a system is contrary to a market economy where the market forces determine the price, quantity, etc.
The government, in a centrally planned economy, will determine the allocation of scarce resources to produce goods and services, not producers or consumers.
