INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The added satisfaction or benefit a person gets from buying one more product or service.
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The added benefit a person gets to their quality of life from buying one more product or service.
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The added satisfaction or benefit a person gets from a substitute product or service.
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None of the above
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Detailed explanation-1: -A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or service. It is also the additional satisfaction or utility that a consumer receives when the additional good or service is purchased.
Detailed explanation-2: -Marginal benefit is the maximum amount of money a consumer is willing to pay for an additional good or service.
Detailed explanation-3: -Marginal Benefit: The increase in value an individual receives from consuming one more unit of a good or service. Measured as the maximum amount of a good or service a person is willing to sacrifice to get one more unit of the good or service in question.
Detailed explanation-4: -Answer and Explanation: The marginal benefit represents the additional benefit that a firm can get from increasing its production by one more unit.