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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