Microeconomics Question from Walter E. Williams:[]
If two people work jointly in production, it is impossible to tell who produced how much. What then is the meaning of the statement: that each gets what he produces?
Answer[]
The cost of an input is determined by its highest valued use in the market. If a person is not getting “what he produces”, he will find an alternative occupation such that he is paid his highest possible value. This value will reflect his value as an input to production.
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