The Change in Total Benefit as Measured by Willingness to Pay

question 122

Multiple Choice

The change in total benefit as measured by willingness to pay for one more unit of a good is called

• A)marginal benefit.
• B)marginal cost.
• C)marginal utility.
• D)total utility.
• E)product price.

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Definitions:

Objectivity

The principle of being unbiased and not influenced by personal feelings or prejudices in representing facts.