Which of the Following Statements Is False

question 65

Multiple Choice

Which of the following statements is false?

• A)If a firm is a factor price taker, marginal factor cost is constant and equal to factor price.This means a factor price taker pays a wage equal to its marginal factor cost.
• B)Firms hire the factor quantity at which marginal revenue product equals marginal factor cost.
• C)If a firm is a product price taker, marginal revenue product is greater than value marginal product.
• D)If a firm is product price taker and a factor price taker, it pays labor a wage equal to its value marginal product.

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Definitions:

Weavers

Individuals skilled in the craft of weaving, creating textiles or fabrics from threads by interlacing them on a loom.

Engraving

The process of cutting or carving a design onto a hard surface, often used for printmaking.

Warrior

A person skilled in combat or warfare, often associated with historical or traditional fighting forces.

Aztec Statue

A sculpture created by the Aztec civilization, often representing gods, goddesses, or animals, and used for religious or ceremonial purposes.