Marginal Benefit Is the Benefit

question 288

Multiple Choice

Marginal benefit is the benefit

• A) that your activity provides to someone else.
• B) of producing a good or service when the total benefit from the good or service exceeds its total cost.
• C) that is received from consuming one more unit of a good or service.
• D) of consuming another good or service divided by the total number of goods or services produced.

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Definitions:

Sample Mean

The average of all the values in a sample, used as an estimate of the population mean.

Population Mean

The average value of all elements in a population, where the population represents the entire set of items or individuals being studied.

Ounces

A unit of weight typically used in the United States and the United Kingdom, equal to one-sixteenth of a pound.

Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating a confidence interval within which the true population parameter is expected to lie.