For most firms, wages are the smallest cost of production.

Name: For most firms, wages are the smallest cost of production.
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Quizplus · Accepted Answer

This statement is false. Wages can often be a significant cost for firms, especially in industries where labor-intensive work is required. Other costs such as raw materials, equipment, and overhead expenses may also vary depending on the industry, but it is not accurate to say that wages are consistently the smallest cost of production.

For Most Firms, Wages Are the Smallest Cost of Production