Adam Smith's Theory of value stated that the value of...
Adam Smith's Theory of value stated that the value of a commodity depended on________
The market price in a free market over a long period
The over-all cost of production of the commodity
The amount of labour expended on its production
Its relative scarcity at any given time
Correct answer is C
Value means the power that goods and services have to exchange other goods and services. The value of a commodity depends on the satisfaction it can provide and the amount of labour used in production.
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