The correct answer is (c).
A mixed economy is an economic system in which both the private sector and the public sector play a significant role in the economy. In a mixed economy, the government may own and operate some key industries, such as utilities and transportation, while also allowing private businesses to operate in other areas. The government may also regulate private businesses in order to protect the public interest.
India has a mixed economy. The government owns and operates some key industries, such as railways, electricity, and telecommunications. However, the private sector also plays a significant role in the Indian economy. Private businesses are allowed to operate in most areas of the economy, and they are subject to some government regulation.
The main advantage of a mixed economy is that it allows for the efficient allocation of resources. The government can use its resources to invest in infrastructure and social programs, while the private sector can focus on producing goods and services. This can lead to a more efficient and prosperous economy.
The main disadvantage of a mixed economy is that it can be difficult to coordinate the activities of the public and private sectors. The government may have different goals than private businesses, and this can lead to conflict. Additionally, the government may not always be able to make efficient decisions about how to allocate its resources.
Overall, a mixed economy can be a successful way to organize an economy. However, it is important to carefully manage the relationship between the public and private sectors in order to avoid conflict and inefficiency.
(a) Co-existence of large and small scale industries is not the definition of a mixed economy. A mixed economy is an economic system in which both the private sector and the public sector play a significant role in the economy. The size of the industries does not matter.
(b) Foreign collaboration in economic development is not the definition of a mixed economy. Foreign collaboration can occur in any type of economy. A mixed economy is an economic system in which both the private sector and the public sector play a significant role in the economy.
(d) None of the above is the correct answer. The correct answer is (c).