Examlex
Auditing standards require that an audit be designed to provide reasonable assurance of detecting:
Consumer Surplus
The discrepancy between the price consumers are ready to offer for a good or service and the price they end up paying.
Marginal Benefit
The enhanced enjoyment or utility gained from the consumption of one extra unit of a good or service.
Total Revenue
The collective revenue a business accumulates from sales of products or provision of services within a set period.
Allocative Efficiency
A state of the economy in which resources are allocated in a way that maximizes the overall benefit to society, where the marginal costs of production are equal to the marginal benefits for all goods and services.
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