Which of the Following Terms Is Applied to Long-Term Assets

question 119

Multiple Choice

Which of the following terms is applied to long-term assets that have no physical substance and provide rights,privileges and special opportunities to businesses?

• A)Tangible assets
• B)Intangible assets
• C)Natural resources
• D)Property,plant and equipment

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Definitions:

Price Ceiling

A maximum limit set by the government on the price of a good or service, intended to protect consumers.

Market Price

The price at which an asset or service is currently being traded in a given market.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the amount that suppliers are willing to offer for sale, typically upward sloping because higher prices incentivize more production.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specific time period.