Question

Identify the terms that CORRECTLY describe "marginal benefit." Another term for "Marginal Benefit" is "Marginal Utility." "Marginal benefit" refers to any additional unit purchased after the first unit has been purchased. "Marginal benefit" is most related to the economic concept of "Opportunity Cost"? "Marginal Cost" refers to the additional amount of income generated by producing an additional product. A rational economic decision can be defined as a decision in which there are no opportunity costs.

Answer 1

The word 'marginal' is associated to a slight difference between two quantities. So, when you say marginal benefit, this refers to the benefit you acquire with every additional unit you produce. This benefit can be measured in different ways, like additional utility or satisfaction. For example, for every additional unit produced, you acquire a marginal benefit of $1. In this case, the benefit is in terms of profit.

Thus, the answer is most likely: Another term for "Marginal Benefit" is "Marginal Utility."

Answer 2

Your Answers are:

Another term for "Marginal Benefit" is "Marginal Utility."

"Marginal benefit" refers to any additional unit purchased after the first unit has been purchased.

"Marginal benefit" is most related to the economic concept of "Opportunity Cost"?