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Water is necessary for life. Is the marginal benefit of a glass of water large or small
Chapter 1, Problem Chapters for Review 1.3(choose chapter or problem)
QUESTION:
Water is necessary for life. Is the marginal benefit of a glass of water large or small?
Questions & Answers
QUESTION:
Water is necessary for life. Is the marginal benefit of a glass of water large or small?
ANSWER:Step 1 of 2
Marginal Benefit is the extra utility or satisfaction that a consumer receives from consuming the extra unit of a certain good. It is the highest amount of money that the consumer is willing to pay to obtain the good's extra unit.