The change in total benefit as measured by willingness to pay for one more unit of a good is called
A)marginal benefit.
B)marginal cost.
C)marginal utility.
D)total utility.
E)product price.

Question

Quizplus · Accepted Answer

Marginal benefit is the additional benefit received from consuming one more unit of a good or service. It is measured by willingness to pay for the additional unit, which reflects the change in total benefit.

The Change in Total Benefit as Measured by Willingness to Pay