Examlex
Explain why other comprehensive bases of accounting (OCBOA)may be used by a state or local government instead of GASBS 34 standards which are generally accepted accounting principles (GAAP).
Efficient Level
A state where resources are allocated in a way that maximizes the production of goods and services, without any waste of resources.
Marginal Cost
It's the cost incurred by producing one additional unit of a product or service.
Marginal Revenue
The extra revenue generated from the sale of an additional unit of a product or service.
Externalities
Financial repercussions impacting bystanders who are not directly involved, which can be beneficial or detrimental.
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