All the following statements are FALSE, in general. For each statement, give a brief explanation of why it's false.

1. The welfare problem of moral hazard in the employment setting is that employee effort is wasted.

2. The input price ratio represents the individual firm's willingness to trade one input for another.

3. A profit-maximizing firm will always choose a quantity where p MC.

4. A regulator should be particularly worried about monopolies in markets with negative externalities.

5. A consumer with hyperbolic discounting is simply less patient than one with exponential preferences.

6. If modeling a soccer penalty kick as a game between the kicker and the goalie, there is a first-mover advantage.