Final answer:
In economics, marginal benefit refers to the additional benefit gained from consuming one more unit of a good or service. It helps individuals and businesses determine the optimal level of consumption or production.
Step-by-step explanation:
In economics, marginal benefit refers to the additional benefit gained from consuming one more unit of a good or service. It is the increase in total utility or satisfaction that a person receives from a specific level of consumption.
For example, let's say you are considering buying a second slice of pizza. The marginal benefit of the second slice would be the additional satisfaction you would get from eating it. If the marginal benefit is greater than the marginal cost (the additional cost of buying the slice), it would be rational to purchase it.
Marginal benefit plays a crucial role in decision-making and resource allocation, as it helps individuals and businesses determine the optimal level of consumption or production.