The ____________ is the direct benefit to consumers of consuming an additional unit of a good.
A) private total benefit
B) private marginal benefit
C) social total benefit
D) social marginal benefit

Question

Quizplus · Accepted Answer

Private marginal benefit is the additional benefit received by a consumer from consuming an extra unit of a good. This is different from social marginal benefit which takes into account the benefits to society as a whole. Private total benefit refers to the total benefit received by a consumer from consuming all units of a good, whereas social total benefit accounts for the benefits to society as a whole.

The ____________ Is the Direct Benefit to Consumers of Consuming