Marginal Benefit Is the

question 124

Multiple Choice

Marginal benefit is the

• A)change in total expenditures as a result of buying one more unit of a good.
• B)maximum amount a consumer is willing to pay for one more unit of a good.
• C)change in total utility that results from consuming one more unit of a good.
• D)same as total benefit.
• E)price of a good.

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Definitions:

Chunks

In cognitive psychology, chunks refer to the units of information organized and grouped together for easier understanding and recall.

Long-Term Memory

The aspect of memory in which information is stored for an extended period, potentially as long as a lifetime.

Mnemonic Device

A strategy or technique that aids in remembering information, such as an acronym or rhyme.

Serial Reproduction

A process in psychology experiments where information is passed from one individual to another in a sequence, often resulting in the alteration of the information.