The Marginal Benefit Derived from the Consumption of a Product

question 60

Multiple Choice

The marginal benefit derived from the consumption of a product is equal to:

• A)the total value placed on the consumption of a product
• B)the total satisfaction derived from the consumption of a product
• C)the marginal utility derived from the consumption of a product
• D)the maximum price a consumer will pay for a specific unit of a product
• E)the minimum price a consumer will pay for a specific unit of a product

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Definitions:

Before-tax

Financial figures or income amounts that have not had taxes deducted.

Excise Tax

A levy imposed on the creation, distribution, or use of goods within a nation.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to buy.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of the good that producers are willing and able to sell, usually upward sloping, demonstrating that the higher the price, the more producers are willing to supply.