The labor theory of value holds that the value of goods ultimately depends on the:
A) demand and supply of labor translated into prices.
B) relative amount of labor used in their production.
C) monopoly prices set for them by monopolists.
D) labor being used in the market place, but value must also be a result of the interaction of demand and supply in the long run.
Correct Answer:
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Q1: The theory that holds that the relative
Q3: Adam Smith argued in the Wealth of
Q4: According to Karl Marx:
A) the surplus value
Q5: Karl Marx predicted the overthrow of the
Q6: According to Karl Marx, the payment just
Q7: Which of the following statements is true?
A)
Q8: According to Karl Marx:
A) the surplus value
Q9: According to Marx, surplus value is produced
Q10: Marx called the difference between the price
Q11: The essence of Karl Marx's theory of
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