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Discuss the factors an auditor should consider before accepting a company as an audit client.
Input Price
The cost associated with procuring the resources needed for production, such as raw materials, labor, and machinery.
MC = MR
The condition where marginal cost equals marginal revenue, often used as a profit maximization rule for firms.
Industry Supply Curve
A graphical representation that shows the relationship between the price of a good and the total output of the industry for that good.
Shutdown Point
The level of production and price where a company's revenue just covers its variable costs, below which it would be more economical for the firm to cease operations.
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