Under socialism, prices and wages are set by
a) the government.
b) the law of supply and demand.
c) a committee of business leaders.
d) political leaders from all parties.

Under socialism, prices and wages are set by: a. the government.

The government under socialism would not necessarily set the prices and wages in a precise manner. But they had the full authority to impose the minimum and maximum amount for prices and wages.

One disadvantage for doing this set up is that new inventions often having a hard time in finding its ground since usually they need to put a high price in earlier stage of development in order to cover for their expense.

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