Which of the following statements is incorrect about 'Socialism'?

Advocates of socialism are entirely opposed to the market.

The correct answer is Option 3 - Advocates of socialism are entirely opposed to the market 

Correction in Option 3- Advocates of socialism are NOT entirely opposed to the market.

Socialism refers to a set of political ideas that emerged as a response to the inequalities present in, and reproduced by, the industrial capitalist economy. The main concern of Socialism is how to minimise existing inequality and distribute resources justly. Although advocates of socialism are not entirely opposed to the market, they favour some kind of government regulation, planning and control over certain key areas such as education and health care. In India the eminent socialist thinker Rammanohar Lohia, identified five kinds of inequalities that need to be fought against simultaneously: inequality between man and woman, inequality based on skin colour, caste-based inequality, colonial rule of some countries over others, and, of course, economic inequality. This might appear a self-evident idea today. But during Lohia’s time it was common for the socialists to argue that class inequality was the only form of inequality worth struggling against. Other inequalities did not matter or would end automatically if economic inequality could be ended. Lohia argued that each of these inequalities had independent roots and had to be fought separately and simultaneously. He did not speak of revolution in the singular. For him struggle against these five inequalities constituted five revolutions. He added two more revolutions to this list : revolution for civil liberties against unjust encroachments on private life and revolution for non-violence, for renunciation of weapons in favour of Satyagraha. These were the seven revolutions or Sapta Kranti which for Lohia was the ideal of socialism.