Marginal Benefit from a Good or Service Is the Benefit

question 85

Multiple Choice

Marginal benefit from a good or service is the benefit received from consuming ________.It is measured by the most that people are willing to pay for ________.

• A)goods that you prefer;an additional unit of it
• B)goods that you prefer;more of it
• C)one more unit of it;an additional unit of it
• D)one more unit of it;more of it
• E)as much as is available;the total amount consumed

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Definitions:

Punitive Damages

Financial compensation awarded to a plaintiff to punish the defendant for especially harmful behavior, beyond simple compensation.

American Rule

A legal principle that states each party involved in a lawsuit covers their own attorney fees, regardless of the outcome of the case.

Attorney Fees

The charges that a client pays to a lawyer for legal services provided, which may be calculated in various ways including hourly rates, flat fees, or contingency fees.

Consequential Damages

Indirect damages that result not from the breach itself, but from the resultant chain of events following the breach of a contract.