The maximum a person is willing to pay for the first unit of a good is called
A)maximum utility
B)marginal utility
C)marginal value
D)total value

Name: The maximum a person is willing to pay for the first unit of a good is called A)maximum utility B)marginal utility C)marginal value D)total value
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Question

Quizplus · Accepted Answer

Marginal value represents the maximum amount a consumer is willing to pay for the first (or an additional) unit of a good, reflecting the utility or satisfaction derived from that unit.

The Maximum a Person Is Willing to Pay for the First