What does the 'Iron Law of Wages' state?

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Economics · Economics

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Wages will always tend towards a subsistence level.

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Answer 1

Wages are directly proportional to the value of output.

Answer 2

Wages are determined by the productivity of labor.

Answer 3

Wages will always tend towards a subsistence level.

Answer 4

Wages will always rise with economic development.

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