Well... Yes...
In space, air does not exist. If a piece of paper and a fabric of iron where to float around in orbit, they would be relative with each other... But closer to the gravitational fields such as earth's atmosphere, everything is pulled at the same rate, depending on whether there is any air-resistence... which there would be if you were to cast a piece of paper from a high location. The air resistence would penetrate the object, and iron would fall much more easily. For this reason, iron would reach the floor first.
I hope this answers your question:
Neo
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