Which of the following 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.
Correct Answer:
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Q147: Situation 27-1 Q148: Situation 27-2 Q150: Which of the following is false? Q150: For wage rates to be the same Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
A) If
