Use the figure below to answer the following question.

Figure 2.1.6
-To describe preferences,economists use the concept of
A)opportunity cost.
B)scarcity.
C)marginal benefit.
D)marginal cost.
E)none of the above.

Question

Use the figure below to answer the following question.
  
Figure 2.1.6
-To describe preferences,economists use the concept of
A)opportunity cost. 
B)scarcity. 
C)marginal benefit. 
D)marginal cost. 
E)none of the above.

Quizplus · Accepted Answer

Economists use the concept of marginal benefit to describe preferences. Marginal benefit is the additional benefit that a consumer receives from consuming one more unit of a good or service. It helps the consumer make a decision on how much of a good or service to consume based on the level of satisfaction or utility they receive from each additional unit.

Use the Figure Below to Answer the Following Question