Figure 7-1

Figure 7-1 represents the market for vaccinations. Vaccinations are considered a benefit to society, and the figure shows both the marginal private benefit and the marginal social benefit from vaccinations.
-Refer to Figure 7-1.Marginal private benefit is represented by which curve?

Question

Figure 7-1
  
Figure 7-1 represents the market for vaccinations. Vaccinations are considered a benefit to society, and the figure shows both the marginal private benefit and the marginal social benefit from vaccinations.
-Refer to Figure 7-1.Marginal private benefit is represented by which curve?

Quizplus · Accepted Answer

Marginal private benefit is the benefit that an individual receives from consuming an additional unit of a good or service. In this case, it is represented by the demand curve D₁, which shows the willingness of individuals to pay for vaccinations based on the marginal benefit they receive.

Figure 7-1 Figure 7-1 Represents the Market for Vaccinations. Vaccinations Are Considered