Marginal benefit ______.
a. increases as more of the good is consumed increases as more of the good is consumed
b. is measured by how much it costs to produce a unit of the good is measured by how much it costs to produce a unit of the good
c. is the benefit received from consuming a good or service is the benefit received from consuming a good or service
d. describes preferences describes preferences
Marginal benefit is the benefit received from consuming a good or service. A persons maximum amount they are willing to pay for another unit of good or a service is set as the marginal benefit. The marginal benefit for each person varies because what each person is willing to pay for an additional unit is subject to their own.
