Which of the Following Statements Is False

question 94

Multiple Choice

Which of the following statements is false?

• A)A firm minimizes costs by buying factors in the combination at which the MPP-to-price ratio for each is the same.
• B)Marginal productivity theory states that firms in competitive or perfect product and factor markets pay factors their marginal revenue products.
• C)Marginal factor cost equals the wage rate for a factor price taker.
• D)The lower the elasticity of demand for the product labor produces, the higher the elasticity of demand for labor.

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Definitions:

Variance

A measure of the dispersion of a set of data points around their mean; shows how much the data vary from the average.

Binomial Distribution

A probability distribution that summarizes the likelihood of a variable to take one of two independent values under a given number of iterations.

Distribution of X

Refers to the way values of the variable X are spread or distributed across possible outcomes, showing the frequency of each value.

Speed Limits

Legal maximum or minimum speeds set for vehicles on particular roads to ensure safety.