Yes, fables is a Scrabble word!
...and is worth 11 points in Scrabble, and 13 points in Words with Friends
fables
Noun
1. A deliberately false or improbable account
2. A short moral story (often with animal characters)
3. A story about mythical or supernatural beings or events
What Scrabble words can I make with the letters in fables?
5 Letter Words
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2 Letter Words