According to Marx, the value of a commodity is determined:
A) exclusively by the labor required to produce it.
B) exclusively by capitalists.
C) exclusively by its demand.
D) by both labor and demand.

Question

Quizplus · Accepted Answer

Marx argued that the value of a commodity is determined solely by the amount of labor required to produce it. He believed that this labor was the source of all value in a society and that the capitalist system exploited the workers by paying them less than the value of the labor they contributed to the production process. Therefore, the value of a commodity cannot be determined by either capitalists or demand, but only by the labor required to produce it.

According to Marx, the Value of a Commodity Is Determined