Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 1 - Part I - Ten Principles of Economics - Questions for Review: 3

Answer

The Marginal Benefit of an extra cup of water is small, because water is in great supply.

Work Step by Step

Although water is essential for life, its MB is small because it is easily available. This is why water is sold very cheaply, compared to rare goods.
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