Classify each of the following items as either : A. Current liability B. Long-term liability C. Not a liability
1. 60-day promissory note.
2. Payment of a 4-year term loan due this year.
3. Salaries payable.
4. FICA taxes payable.
5. Income taxes payable.
6. Payment of a 30-year term loan due this year.
7. Accounts payable.
8. Note payable due in full in two years.

answer///video, because samuel can show his work in real time and be better understood;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.