All of the access points behave as a hub. The bandwidth is shared.
You may not be fully understanding the concept of "shared" though. Every client on every hub, switch, AP, or other Ethernet port will always have full-rate access (10 meg, 100 meg, Gig, or whatever ... 1- 11meg in the case of an 802.11b system). The "shared" portion is relative to time. If another client is talking, the client has to wait for the transmit channel (be it a wire or radio wave) to be clear.
So when an Ethernet client gets the opportunity, it will talk at whatever its connection speed is .. not a fraction of it. The variable is when it will get the opportunity. With full duplex Ethernet to a switch, there is no wait at transmit-time; the entrance port is always clear to receive. If the exit port of the switch is busy, the frame is stored (buffered) until the frame can be passed/transmitted out of the switch.
Applying that to an access point, if the AP receives a frame and another frame is being handled by the radio (either coming in or going out), the frame is held until the radio is clear to transmit. The AP can only transmit or receive; it can't do both at the same time. The effect is half-duplex, like a hub (technically a "buffered hub," I guess).
APs can support multiple clients at multiple speeds, so closer clients can have a higher rate while more distant clients or those with less-than-perfect signal quality get lower connection rates.
FWIW
Scott