Interest Payable,Salaries Payable,and Accounts Payable Are

question 48

Multiple Choice

Interest Payable,Salaries Payable,and Accounts Payable are:

• A) current assets
• B) current liabilities
• C) non-current assets
• D) non-current liabilities

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Definitions:

Long-Run Profits

Earnings that a firm expects to generate over an extended period, taking into account all variable and fixed costs.

Excess Capacity

The situation where a firm produces less than its total output capacity, often due to lack of demand.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

Long-Run Equilibrium

A state in which all inputs can be adjusted by firms, market supply equals demand, and there is no incentive for economic actors to alter their behavior.