The Value of One More Unit of a Good or Service

question 429

Multiple Choice

The value of one more unit of a good or service is the

• A) marginal benefit.
• B) minimum price that people are willing to pay for another unit of the good or service.
• C) marginal cost.
• D) opportunity cost of producing one more unit of a good or service.

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Definitions:

Political Power

Political Power is the capacity or ability to influence the behavior of others or the course of events to achieve specific goals or outcomes within a political framework.

The Northeast Trades

A term used to describe the trade winds in the northeastern part of the world that facilitate shipping and trade.

Iberian Peninsula

The southwesternmost region of Europe, comprising mainly Spain and Portugal.