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What is the definition of marginal benefits? The change in total benefit that results from carrying out one additional unit of activity The change in total benefit that results from carrying out a few additional units of activity The change in average benefit that results from carrying out one additional unit of activity The change in cost that results from carrying out one additional unit of activity
What is the definition of marginal benefits?
The change in total benefit that results from carrying out one additional unit of activity
The change in total benefit that results from carrying out a few additional units of activity
The change in average benefit that results from carrying out one additional unit of activity
The change in cost that results from carrying out one additional unit of activity
Expert Solution
The increase in total benefit that results from carrying out one additional unit of the activity is marginal benefit. It is the incremental increase in the benefit to a consumer caused by the consumption of one additional unit of a good or service. Marginal benefit is 'change in total benefit divided by change in quantity.
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