The basis for value

For a Keynesian, value is determined by demand. For classical economists it is production costs in relation to scarcity that determines the exchange value of a good or service.

More to the point, however, do they mean value in use or value in exchange? Unless you know, both the question and the answer are meaningless.

And as for the answers given, the one thing that never determines exchange value are consumers by themselves. Ever seen a supply curve?

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