Question

a useful rule of thumb is that the higher the marginal benefit a consumer gains from a product, the lower the consumer's demand for the product will be. more price-sensitive the consumer will be. higher the buyers' reservation price will be. more the consumer will seek substitutes for the product.

Answer 1

The lower the consumer demand for a product, the more price-sensitive consumers become, the higher the reservation price of buyers, and the more consumers seek alternatives to a product.

Also known as a marginal benefit, there is a marginal utility for each additional unit purchased for consumption after the initial unit was purchased. The term utility is used to describe the satisfaction attributed to the units consumed by the consumer.

Marginal benefit is the maximum amount a consumer is willing to pay for an additional good or service. Consumer satisfaction tends to decline as consumption increases.

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