The marginal productivity theory of income distribution says that: a. each factor is paid the equilibrium...
The marginal productivity theory of income distribution says that:
a. each factor is paid the equilibrium value of the output generated by the last unit of that factor employed in the factor market as a whole.
b. each factor is paid an amount greater than the value of the output generated by the last unit of that factor employed in the factor market as a whole.
c. each factor is paid an amount less than the value of the output generated by the last unit of that factor employed in the factor market as a whole.
d. the payment to each factor does not correspond to the marginal product of the factor.
Homework Answers
Option A.
- The marginal productivity theory of income distribution states that the price of all the factors of production used will be equal to the marginal productivity.
- Which means that price will be equal to the value of the output Which is generated by the last unit of any factor that is employed in the factor market as a whole.
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