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:

Deductible

The amount an insured individual must pay out-of-pocket before an insurance company pays a claim.

Accident Reconstructionist

Person with knowledge of both crime scene investigations and the mathematics that can help to explain the circumstances surrounding the accident.

Skid Marks

Visible marks left on the road surface by tires that have slipped or skidded, often analyzed in accident reconstructions.

Drag Factor

A coefficient used in calculating the deceleration or resistance force acting against a moving object or vehicle, often in automotive and aeronautical engineering.