Asked by
Misael Barron
on Oct 09, 2024Verified
A person should consume more of something when its marginal:
A) benefit exceeds its marginal cost.
B) cost exceeds its marginal benefit.
C) cost equals its marginal benefit.
D) benefit is still better.
Marginal Benefit
The additional satisfaction or utility gained from consuming or using one more unit of a good or service.
Marginal Cost
The additional cost incurred by producing one more unit of a product or service, highlighting how costs vary with production levels.
- Grasp the essence of evaluating marginal benefits in contrast with marginal costs.
Verified Answer
CJ
Learning Objectives
- Grasp the essence of evaluating marginal benefits in contrast with marginal costs.
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