Use the figure below to answer the following question.

Figure 2.1.6
-The marginal benefit curve for a good
A)shows the benefit a firm receives from producing one more unit of that good.
B)shows the most a consumer is willing to pay for one more unit of that good.
C)is upward-sloping.
D)is bowed outward.
E)none of the above.

Question

Use the figure below to answer the following question.
  
Figure 2.1.6
-The marginal benefit curve for a good
A)shows the benefit a firm receives from producing one more unit of that good. 
B)shows the most a consumer is willing to pay for one more unit of that good. 
C)is upward-sloping. 
D)is bowed outward. 
E)none of the above.

Quizplus · Accepted Answer

The marginal benefit curve shows the additional benefit a consumer receives from consuming one more unit of a good. It is upward-sloping because as the quantity consumed increases, the marginal benefit decreases. However, it is not bowed outward.

Use the Figure Below to Answer the Following Question