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.

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Definitions:

Intense Fear

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Heights

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A group of disorders marked by irrational ideas, distorted perceptions, and a loss of contact with reality.

Irrationality

The act of making decisions or acting in ways that are not logical or reasonable based on available evidence or common sense.