Asked by
Ricky Rivas
on Oct 09, 2024Verified
The marginal benefit curve is:
A) upsloping because of increasing marginal opportunity costs.
B) upsloping because successive units of a specific product yield less and less extra benefit.
C) downsloping because of increasing marginal opportunity costs.
D) downsloping because successive units of a specific product yield less and less extra benefit.
Marginal Benefit Curve
A graphical representation showing how the benefit (utility or satisfaction) to a consumer changes as consumption of a good or service increases.
Extra Benefit
The additional advantage or utility gained from consuming one more unit of a good or service.
Specific Product
A distinct good or service that is identifiable and distinct from others due to unique characteristics or features.
- Gain insight into the notions of marginal benefits and marginal costs, and their roles in ascertaining the optimal production quantity and resource distribution.
Verified Answer
MC
Learning Objectives
- Gain insight into the notions of marginal benefits and marginal costs, and their roles in ascertaining the optimal production quantity and resource distribution.