If People Produce More Than the Value of Their Own

question 28

Multiple Choice

If people produce more than the value of their own wages, it is called:

• A) necessary value
• B) surplus value
• C) use value
• D) exchange value
• E) special value

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Definitions:

Decreasing Marginal

In economics, a situation where each additional unit of input results in a smaller increase in output compared to previous units.

Increasing Returns

A situation in production where an increase in the amount of inputs results in a disproportionately larger increase in output.

Production Isoquant

A curve that represents all combinations of inputs that produce the same level of output, used in the analysis of production technology.

Marginal Products

The additional output that is produced by using one more unit of a particular input, holding other inputs constant, critical in the analysis of production efficiency.