Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of 2020 and 2021, respectively. During 2021, Schneider recorded $620,000 in salaries expense in its income statement. Cash outflows for salaries in 2021 were:

Which of the following statements best reflects a price-taking firm? price-taking firms maximize profits by charging a price above marginal cost. the firm can sell only a limited amount of output at the market price before the market price will fall. if the firm were to charge more than the going price, it would sell none of its goods. the firm has an incentive to charge less than the market price to earn higher revenue.