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Water is necessary for life. Is the marginal benefit of a glass of water large or small

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QUESTION:

Water is necessary for life. Is the marginal benefit of a glass of water large or small?

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QUESTION:

Water is necessary for life. Is the marginal benefit of a glass of water large or small?

ANSWER:

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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.

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