Marginal benefit is the benefit that a person receives from consuming

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BlackTom AI · Accepted Answer

The question asks: Marginal benefit is the benefit that a person receives from consuming

Because no list of answer choices is provided in the question, we cannot analyze alternatives in comparison to one another. However, we can still explain the concept itself.

Conceptual understanding: Marginal benefit refers to the additional benefit that a consumer obtains from consuming one more unit of a good or service. It captures the incremental value or satisfaction gained from the next unit, holding other factors constant. This is distinct from total benefit, which sums the benefits across all units consumed.

Why the provided correct answer aligns with the concept: The statement 'one more unit of a good or service' exactly describes the incremental nature of marginal benefit. It emphasizes that the gain is tied to the next unit consumed rather than the entire quantity consumed, which would correspond to total benefit.

What would make an option incorrect if it were present: An option suggesting Marginal benefit is derived from the first unit only would be incorrect, since marginal benefit concerns each additional unit, not the initial ones exclusively. An option claiming Marginal benefit equals average benefit would be inaccurate, because average benefit divides total benefit by quantity and does not reflect the incremental gain from the next unit.

In this context, with the standard definition, the correct framing is that marginal benefit is the additional benefit from consuming one more unit, which matches the provided correct answer.

ECON 215-002 HOMEWORK 6

Marginal benefit is the benefit that a person receives from consuming

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