The Labor Theory of Value Holds That the Value of Goods

question 99

Multiple Choice

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.

---

Definitions:

Vertically Integrated

A business structure in which a company controls multiple stages of production or distribution within the same industry.

Net Marginal Revenue

The additional revenue generated from selling one more unit of a product or service after accounting for the marginal cost of producing that unit.

Real-Estate Purchase Agreement

A legally binding contract between a buyer and seller detailing the terms and conditions of the sale of property.

Writing Approach

The method, style, or technique adopted by a writer to convey their message or story.