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Rachel has two tacos for lunch
Rachel has two tacos for lunch.
The marginal benefit that Rachel receives from the second taco is _____.
a. the benefit she receives from eating the second taco
b. the minimum amount that she is willing to pay to produce two tacos
c. the opportunity cost of producing the second taco
d. the total benefit she receives from eating two tacos
Expert Solution
The correct answer to the given question is option a. the benefit she receives from eating the second taco.
The marginal benefit for consumption of a product or service is defined as the net incremental benefit earned from the consumption of one additional unit. On the other hand, the total benefit is the overall benefit earned from the consumption of all units of the good or service.
The opportunity cost for a chosen alternative is defined as the net benefit associated with the second best alternative forsaken.
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