Final answer:
The statement is true; if the marginal value of beef is $8 per pound, then a consumer is willing to pay up to $8 for an additional pound of beef. Marginal value reflects the highest price a consumer will pay for one more unit of a good.
Step-by-step explanation:
The statement that the marginal value of beef is $8 per pound implies that a consumer is willing to pay up to $8 for an additional pound of beef is true. The term 'marginal value' in economics represents the maximum amount a consumer is prepared to pay for an additional unit of a good. So, if the marginal value of beef is $8, this means that a consumer views that extra pound of beef to be worth no more than $8, and that is the highest price they would be willing to pay for it.
Price fluctuations and shifts in the demand curve can affect consumers' willingness to pay for goods. For example, if preferences shift and people start to prefer chicken over beef, based on historical data from the U.S. Department of Agriculture (USDA), the demand curve for beef would shift leftward, which could change the marginal value of beef over time.