Which of the following best describes the marginal benefit of consuming a good?

• A. The cost incurred from producing one more unit of the good
• B. The difference between total benefit and total cost of consuming the good
• C. The additional satisfaction or utility gained from consuming one more unit of the good
• D. The total satisfaction received from all units of the good consumed

Answer: (C)

Verified step by step guidance

1. Understand the concept of marginal benefit: it refers to the additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.
2. Distinguish marginal benefit from other related concepts: it is not the cost of producing the good (which relates to marginal cost), nor is it the total satisfaction from all units consumed (which is total benefit).
3. Recognize that marginal benefit focuses on the incremental change in utility, meaning how much extra satisfaction is gained by increasing consumption by exactly one unit.
4. Note that the difference between total benefit and total cost relates to net benefit or profit, not marginal benefit specifically.
5. Conclude that the best description of marginal benefit is the additional satisfaction or utility gained from consuming one more unit of the good.