The maximum amount of other goods and services that people are willing to give up in order to get one more unit of a good is defined as the good's
A) marginal benefit.
B) total benefit.
C) marginal cost.
D) total cost.
E) price.

Question

Quizplus · Accepted Answer

The definition provided in the question matches the concept of marginal benefit, which refers to the additional satisfaction or usefulness that a person derives from consuming an additional unit of a good or service. Marginal cost refers to the additional cost required to produce or consume one more unit, while total benefit, total cost, and price are different concepts altogether. Therefore, the best choice is (A) marginal benefit.

The Maximum Amount of Other Goods and Services That People