Marginal Benefit Cure Flashcards
1
Q
What does the marginal benefit curve state
A
Most ppl are willing to pay= benefit
Demand = marginal benefit curve
2
Q
Marginal utility
A
Additional benefit from consuming an extra unit
3
Q
Total utility
A
Total benefit
4
Q
Consumer surplus
A
Isn’t the difference between what consumers are willling to pay and what they actually pay.
5
Q
What can the supply curve also show
A
Marginal costs
6
Q
Producer surplus?
A
Is the difference between what producers are willing to sell for and what they actually sell for
