Exchange Value Is Always Higher Than Use Value

question 8

True/False

Exchange value is always higher than use value.

---

Definitions:

Demand Price

The highest price a consumer is willing to pay for a good or service, reflecting the value placed on it.

Quota Limit

A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specified time frame.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price is charged for a product, with the aim of ensuring affordability by limiting how much prices can increase.

Quota Rent

The economic rent received by the holder of a production or import quota, which can be realized by selling the product at a higher price than the world price due to the quota limitation.