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A sociologist studying freshmen at a major university carried out a survey, asking (among other questions) how often students went out per week, how many hours they studied per day, and how many hours they slept at night. Students will often overstate the number of hours studied, because they do not want to admit to not studying enough. This type of distortion is called:
Marginal Benefit
The additional satisfaction or utility gained by consuming one more unit of a good or service.
Diamond
A precious gemstone formed from carbon under high pressure and temperature, valued for its brilliance, clarity, and rarity.
Water
Water is a transparent, tasteless, odorless, and nearly colorless chemical substance that is essential for the survival of most known forms of life.
Marginal Cost
The expense associated with manufacturing an additional unit of a product or service.
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