Marginal Benefit Is the Total Benefit to a Consumer from Consuming

question 83

True/False

Marginal benefit is the total benefit to a consumer from consuming one more unit of a good or service.

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Definitions:

Market Equilibrium

A condition in which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a stable market price.

Market Equilibrium

The point where the supply of goods matches demand, resulting in a stable price.

Excess Demand

A market situation where the quantity demanded of a good exceeds the quantity supplied at a current price, leading to shortages.

Excess Supply

A situation in a market where the quantity of a good supplied is greater than the quantity demanded at the current price.