Final answer:
Consumers receive several advantages or rewards from using a product, including better quality or less expensive products, increased competition leading to lower prices, and the concept of utility where the satisfaction obtained from a good diminishes with each additional unit consumed.
Step-by-step explanation:
Consumers receive several advantages or rewards from using a product. One advantage is that they can get better quality or less expensive products. This is because businesses that offer better or cheaper products are likely to increase their profits. As a result, employees of those businesses may earn more income. Overall, these gains to the consumer outweigh any losses and contribute to the overall success of a nation.
Another benefit for the consumer is the increased competition in the market. When entrepreneurs successfully introduce new or improved products, it leads to more competition. This competition often results in lower prices for consumers due to more options available in the market.
Furthermore, consumers experience the concept of utility when using a product. Economists assume that the more of a good a person consumes, the more utility or satisfaction they obtain. However, the utility received from consuming the first unit of a good is usually greater than the utility received from consuming later units. This pattern is known as the law of diminishing marginal utility. For example, the first slice of pizza may bring more satisfaction than the sixth.