Adam Smith s Theory of value stated that the va... - JAMB Economics 2019 Question
Adam Smith's Theory of value stated that the value of a commodity depended on________
A
The market price in a free market over a long period
B
The over-all cost of production of the commodity
C
The amount of labour expended on its production
D
Its relative scarcity at any given time
correct option: c
The power that goods and services have to exchange other goods and services is known as value.The value of a commodity rely on the satisfaction it can provide and the amount of labour used in production.
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