A key difference between neoclassical theory and the labor theory of value is th

Question

A key difference between neoclassical theory and the labor theory of value is that

neoclassical theory and the labor theory of value have the same view of production.

neoclassical theory treats production as a process in which three equal inputs – land, labor, and capital – are combined by entrepreneurs to produce products.

neoclassical theory treats production as a process in which labor combines inputs – land and capital – to produce products.

neoclassical theory treats production as a process in which four equal intputs – land, natural resources, capital, and entrepreneurship – are combined in order to produce products.

neoclassical theory and the labor theory of value have the same view of production.

neoclassical theory treats production as a process in which three equal inputs – land, labor, and capital – are combined by entrepreneurs to produce products.

neoclassical theory treats production as a process in which labor combines inputs – land and capital – to produce products.

neoclassical theory treats production as a process in which four equal intputs – land, natural resources, capital, and entrepreneurship – are combined in order to produce products.

Explanation / Answer

b> neoclassical theory treats production as a process in which three equal inputs – land, labor, and capital – are combined by entrepreneurs to produce products.

Reason

Yes, these inputs land, labor and capital are combined by the entrepreneur to produce a good in the neoclassical theory. .

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.