13. If both input and output markets are competitive and firms are profit maximizing, then in equilibrium,

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13. If both input and output markets are competitive and firms are profit maximizing, then in equilibrium, each factor of production earns

a. an equal share of output.

b. the value of its marginal product.

c. the amount allocated by the political process.

d. an amount equal to the price of output times total output.

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Study Guide For N. Gregory Mankiw's Principles Of Microeconomics

ISBN: 9783030019983

5th Edition

Authors: David R. Hakes

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Question Posted: Nov 15, 2024 05:00 AM

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13. If both input and output markets are competitive and firms are profit maximizing, then in equilibrium,

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Study Guide For N. Gregory Mankiw's Principles Of Microeconomics

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