Economics · Economic Thought
What does Karl Marx's Labor Theory of Value propose?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The value of a product is determined solely by its market demand.
- 2The value of a product is based on its intrinsic utility and psychological worth.
- 3The value of a commodity is determined by the socially necessary labor time required to produce it.✓
- 4The value of a product is determined by the level of advertising and market promotion.
Correct answer
The value of a commodity is determined by the socially necessary labor time required to produce it.
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