Many Small, Local Accounting Firms Perform Audits as Their Primary

question 55

True/False

Many small, local accounting firms perform audits as their primary service to their clients.

---

Definitions:

Learning Effects

These are reductions in production costs that occur due to learning and improving over time, as processes become more efficient with experience.

Marginal Costs

The increase in total cost that arises from an extra unit of production.

Marginal Benefit

The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.