The Benefit from an Additional Unit of a Good or Service

question 166

Multiple Choice

The benefit from an additional unit of a good or service that society receives from the consumption of that good or service is the

• A) marginal private benefit.
• B) marginal external benefit.
• C) marginal social benefit.
• D) opportunity cost.

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Definitions:

Extra Charge

A fee added on top of a standard rate or price, often for additional services, special requests, or exceeding a predetermined limit.

Total Charge

Total charge typically refers to the complete amount of fees, costs, or expenses that a customer is required to pay for a particular service or product.

Nonfinancial Rewards

Incentives other than money, such as recognition, training, or work-life balance improvements, offered to employees.

Personal Selling Process

A series of steps that a salesperson follows to engage potential buyers, understand their needs, make a sales presentation, address objections, and close the sale.