Who Established the "Iron Law of Wages

question 41

Multiple Choice

Who established the "iron law of wages?"

• A) David Ricardo
• B) Thomas Malthus
• C) Richard Owen
• D) Jeremy Bentham
• E) Charles Fourier

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Definitions:

MRTS

Marginal Rate of Technical Substitution. It's the rate at which one input can be reduced for every increase in another input, keeping output constant.

Labor

The application of human physical and mental efforts in the creation and offering of goods and services.

Capital

Assets that are used in the production of goods and services, often classified into physical capital (like machinery) and financial capital.

Civil Battery

A tort law term referring to the intentional and unlawful physical contact or force against another person without their consent.