The maximum price a consumer is willing to pay for an extra unit of a good or service when total utility is maximised is known as
A) quantity demanded.
B) marginal utility.
C) total utility.
D) demand.
E) marginal benefit.

Question

Quizplus · Accepted Answer

Marginal benefit reflects the maximum price a consumer is willing to pay for an additional unit of a good or service when their total utility is maximized. It is directly related to the concept of marginal utility, but it specifically refers to the consumer's willingness to pay.

The Maximum Price a Consumer Is Willing to Pay for an Extra