Marginal benefit refers to the additional gain or advantage that an individual receives by consuming one more unit of a good or service.
Imagine going to an amusement park and riding roller coasters. Each ride gives you excitement and fun, but after riding multiple times, the thrill starts to diminish. The diminishing excitement represents how marginal benefit works.
Opportunity cost: The value of the next best alternative foregone when making a decision.
Consumer surplus: The difference between what consumers are willing to pay for a product and what they actually pay.
Demand curve: A graphical representation showing the relationship between price and quantity demanded for a particular good or service.
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