The labor theory of value
A)is what economists believe determines prices today.
B)says that wages must always be greater than prices.
C)says that the price of a good is determined by the amount of labor required to produce it.
D)All of the above.

Question

Quizplus · Accepted Answer

The labor theory of value suggests that the price of a good is determined by the amount of labor required to produce it. This theory is no longer widely accepted among economists today, as prices are determined by a variety of factors including supply, demand, and competition. Therefore, choices A and B are incorrect.

The Labor Theory of Value