Economics · Microeconomics
If both input and output markets are perfectly competitive and firms are profit-maximizing, then in equilibrium each factor of production earns an amount equal to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The value of its marginal product✓
- 2An equal percentage share of the total output generated
- 3The amount allocated by a political or legislative process
- 4The price of output multiplied by the total output
Correct answer
The value of its marginal product
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