Marx Called the Difference Between the Price of a Good

question 122

Multiple Choice

Marx called the difference between the price of a good or service and its labor cost its:

• A) profit.
• B) surplus value.
• C) excess price.
• D) subsistence wage.

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Definitions:

Ending Work

The inventory or work-in-process at the end of an accounting period that has not yet been completed.

Equivalent Units

A concept used in cost accounting to standardize the quantities of produced goods, accounting for partially completed units.

Physical Units

Refers to the actual count or quantity of items, products, or assets, without regard to their value or cost.

Materials Added

Raw materials introduced into the production process to create a product.