Examlex
Auditors can increase the likelihood of a sample being representative by using professional care in the design of the sampling process, in the selection of the sample, and in the evaluation of the sample results.
Marginal Rate
Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.
Substitution
The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.
Income Effect
The change in consumption resulting from a change in real income.
Total Utility
The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.
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