To describe preferences,economists use the concept of
A)opportunity cost.
B)scarcity.
C)marginal benefit.
D)marginal cost.
E)price.

Question

Quizplus · Accepted Answer

Marginal benefit refers to the additional benefit that a person receives from consuming one more unit of a good or service. It is used by economists to describe preferences because it reflects how much value a person places on each additional unit of a good or service. By evaluating marginal benefit, economists can suggest how individuals will make choices between different goods and services based on their preferences.

To Describe Preferences,economists Use the Concept of