The marginal benefit of an apple is measured by
A) the opportunity cost of producing another apple.
B) the price of the apple.
C) the amount of another good a person is willing to give up to get one more apple.
D) the amount of another good a person must give up to get one more apple.
E) a point on the PPF.

Question

Quizplus · Accepted Answer

The marginal benefit of an apple is the additional satisfaction or utility that a person receives from consuming one more apple. This is measured by the amount of another good a person is willing to give up to get one more apple, or their willingness to pay for the apple. Therefore, choice C is the correct answer. A is incorrect because the opportunity cost of producing another apple is a measure of the marginal cost, not the marginal benefit. B is incorrect because the price of the apple reflects the market value, not necessarily the marginal benefit to the consumer. D is incorrect because the amount of another good a person must give up to get one more apple is a measure of the opportunity cost of acquiring the apple, not the marginal benefit. E is incorrect because a point on the PPF represents the combination of goods that can be produced with the given resources, and does not directly relate to the marginal benefit of an apple.

The Marginal Benefit of an Apple Is Measured by