The Benefit from an Additional Unit of a Good or Service

question 104

Multiple Choice

The benefit from an additional unit of a good or service that the consumer of that good or service receives is the

• A) opportunity cost.
• B) marginal private benefit.
• C) marginal external benefit.
• D) marginal social benefit.

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Definitions:

Margin of Error

A measure of the accuracy of a public opinion poll, representing the extent to which the results could vary from the true population values.

Sample Size

The count of observations or duplicates that are part of a statistical sample.

Quality Control

The process of ensuring that products and services meet consistent standards and requirements through various checks and measures.

Defective Parts

Items or components that fail to meet quality specifications or standards within a manufacturing process.