Choose one correct statement below about the fair value hierarchy.

Select the best response, and then select Submit.

A quoted price in an active market is a level $1$ input in the fair value hierarchy, irrespective of whether the quote is adjusted or not.

The categorization of the fair value measurement in the fair value hierarchy is based on inputs.

The file value measurement is categorized in its entirety based on the highest level of significant inqui.

The calegorization of the fair walue measurement in the fair walue hier archy is based on the valuation technique in which they are used.

The fair value hierarchy fives the highest priority to level $3$ inputs and the lowest priorisy to livel $1$ inputs.