If Both Input and Output Markets Are Competitive and Firms

question 5

Multiple Choice

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

• A) an amount equal to the price of output times total output.
• B) the amount allocated by the political process.
• C) an equal share of output.
• D) the value of its marginal product.

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Definitions:

Family Interfering

The process by which familial obligations and relationships hinder or impede one's professional performance or work-life balance.

Flexible Work Arrangements

Work schedules that allow employees variability in terms of hours, locations, and other conditions, aimed at balancing work and personal life.

Incivility

Incivility refers to rude, discourteous, or disrespectful behavior that violates social norms or expectations.

Micro-Inequity

Small, semiconscious message sent with a powerful impact on the receiver.