Question

Consumers are willing to purchase a product up to the point where the marginal benefit of consuming a product is equal to its price. the consumer surplus is equal to the producer surplus. the marginal benefit of consuming the product equals the area below the supply curve and above the market price. the marginal benefit of consuming the product is equal to the marginal cost of consuming it.

Answer 1

Consumers are willing to purchase a product up to the point where the marginal benefit of consuming a product is equal to its price.
The term marginal benefit denotes the benefit to a consumer receives from consuming one more unit of a good or service.
On the other hand, marginal cost is the additional cost to a firm of producing one more unit of a good or service.