Final answer:
Marginal utility is the accumulation of summation of benefits, relating to the extra satisfaction gained from consuming an additional unit of a good or service. Marginal analysis and opportunity cost are key economic concepts used to make decisions about consumption within a person's opportunity set. option b is answer
Step-by-step explanation:
Marginal utility is the accumulation of summation of benefits. The concept of marginal utility is fundamental in the field of economics, particularly when discussing the law of diminishing marginal utility. This law indicates that as a consumer consumes more of a good or service, the extra utility or satisfaction gained from consuming an additional unit tends to decrease compared to what was derived from previous units.
A related area is marginal analysis, which is an examination of decisions on the margin, meaning a little more or a little less from the status quo. This approach is fundamental to all economic decision-making and tradeoffs because they are rarely black and white, but often involve these incremental comparisons.
Opportunity cost is another key concept intertwined with marginal utility, considering costs in terms of what must be given up or forfeited to gain something else. The opportunity set is the range of possible consumption combinations available given an individual's income and the prices of goods. option b is answer