In a soviet-style command system the central planning board, Ask an Expert

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The theory of supply and demand states that price itself is determined by supply and demand forces. In a Soviet-style command system, the central planning board announces one week that oranges are $.25 a pound. The next week they announce oranges are $2 a pound. What will happen to the demand for oranges? It will probably fall. So the law of demand is in effect. But how was price determined in the ex?

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