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

Question

Quizplus · Accepted Answer

Economists use the concept of marginal benefit to describe preferences. Marginal benefit is the additional satisfaction or utility that a consumer derives from consuming one additional unit of a good or service. It helps determine the optimal consumption level of a good or service for a consumer.

To Describe Preferences, Economists Use the Concept of