-In the above figure, if D2 is the demand curve, then a price of P3 would result in
Definitions:
Demand Schedule
A table that shows the quantity of a good that consumers are willing and able to purchase at various prices.
Total Utility
The overall satisfaction or value a consumer derives from consuming a certain amount or quantity of goods and services.
Marginal Benefit
The maximum price a consumer will be willing to pay for an additional unit of a product. It is the dollar value of the consumer’s marginal utility from the additional unit, and therefore it falls as consumption increases.
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen over others.
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