For Each of the Following, Identify in Column 1 the Category

question 44

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \text { FICA-OASDI } & & & & \\\text { Payable } & & & & \\\hline\end{array}$$

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Definitions:

Optimal Output

The level of production at which a firm achieves the highest possible profit, given its cost structure and the market price.

Short-Run

A period in which at least one factor of production is fixed, and firms can only adjust variable inputs.

Supply Curve

A graph illustrating how much of a product a firm will sell at different prices.

Zero-Profit Equilibrium

A situation in competitive markets wherein, due to free entry and exit, firms only earn a normal profit, which is their lowest level of profit necessary to keep them in business.