The phrase "decreasing marginal benefit" means that
A) the more you consume of the product, the less total benefit you derive.
B) the marginal cost will be increasing as you consume more of a good.
C) each additional unit of a good you consume gives you less additional benefit than the previous unit.
D) Both answers A and B are correct.
E) Both answers A and C are correct.

Question

Quizplus · Accepted Answer

The phrase "decreasing marginal benefit" specifically refers to the concept that each additional unit of a good or service consumed provides less additional benefit than the previous unit, not to the total benefit derived or the relationship with marginal cost.

The Phrase "Decreasing Marginal Benefit" Means That