Final answer:
The question relates to the law of diminishing marginal utility, which states that the satisfaction from consuming additional units of a good decreases as one consumes more. Therefore, the marginal benefit of an energy bar is low after snacking all day due to the consumption of previous snacks.
Step-by-step explanation:
The question 'After snacking all day, the marginal benefit of an energy bar is low.' addresses the concept known as the law of diminishing marginal utility. This economic principle suggests that as a person consumes more of a good or service, the satisfaction or utility gained from consuming each additional unit decreases. In the context of the question, if a student has been snacking all day, the additional satisfaction from consuming an energy bar (marginal benefit) would be low because his or her appetite for snacks has been largely satiated.
In applying this concept, the marginal benefit of an additional energy bar is not dependent on the marginal cost of the bar, one's income, nor inherently high; instead, it is low due to the fact that the student has already consumed other snacks (this represents the diminishing utility). Therefore, with each extra energy bar consumed, the student will likely derive less satisfaction compared to when they consumed the first snack of the day, illustrating how people make decisions based on marginal analysis in situations of scarcity.