According to the labor theory of value,
A) the value of labor is determined by its value in production.
B) the value of a good is determined by the amount of labor with which each unit of Capital in an industry works.
C) the price of a good A compared to the price of good B bears the same relationship as The relative amounts of labor used in producing each good.
D) the values of two minerals such as coal and gold with similar production costs may be Very different.

Question

Quizplus · Accepted Answer

The labor theory of value, primarily associated with classical economists like Adam Smith and Karl Marx, posits that the value of a commodity is directly related to the labor required for its production. Thus, the relative prices of goods reflect the relative amounts of labor used in their production.

According to the Labor Theory of Value