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Well, his actual claim is that any product which sells for less than its inputs cost will not exist in the long run, which is correct, because its production does not sustain itself. But this seems to be an empirically valid description of the common impression (even among Marxists) of Marx.
As far as I remember, that's what he got to in the third volume of Das Kapital, but the first volume is very certain that the value of any product is a direct function of the amount of labour that went into it. I think the observation that Marx was a proponent of the Labour Theory of Value is uncontroversial? He didn't invent it, of course, but his name is strongly associated with it.