________ Is the Benefit That a Consumer of a Good

question 418

Multiple Choice

________ is the benefit that a consumer of a good or service receives.

• A) Marginal private benefit
• B) Marginal external benefit
• C) Marginal social benefit
• D) Both answers A and B are correct.

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Definitions:

Senior-Citizen Discounts

Reduced prices offered to elderly individuals, typically those aged 65 and over, as a benefit for their age.

Cash Rebates

Refunds offered to consumers as an incentive to purchase a product or service.

Inelastic Supply

Characterizes a situation where the quantity supplied of a good is not significantly changed by the price of that good.

Antiques

Objects of considerable age valued for their artistic, historical, or collectible qualities.