Questions: Question All of the following statements are correct except - A. the value of an additional unit of a good equals the marginal benefit of the good B. the maximum price willingly paid for a unit of a good is the marginal benefit of it C. price is what we pay for a good but value is what we get from it D. the marginal benefit is the excess of value over the price paid, summed over the quantity consumed

The answer is the last one (D): the marginal benefit is the excess of value over the price paid, summed over the quantity consumed.

Explanation for each option:

A. The value of an additional unit of a good equals the marginal benefit of the good.

• This statement is correct. The marginal benefit is defined as the additional benefit received from consuming one more unit of a good.

B. The maximum price willingly paid for a unit of a good is the marginal benefit of it.

• This statement is correct. The marginal benefit can be interpreted as the highest price a consumer is willing to pay for an additional unit of a good.

C. Price is what we pay for a good but value is what we get from it.

• This statement is correct. Price is the monetary amount paid for a good, while value refers to the benefit or satisfaction derived from consuming the good.

D. The marginal benefit is the excess of value over the price paid, summed over the quantity consumed.

• This statement is incorrect. The marginal benefit is not the excess of value over the price paid; rather, it is the additional benefit from consuming one more unit of a good. The concept described in this statement is more closely related to consumer surplus, which is the total benefit received from consuming a good minus the total amount paid for it.

Summary: The correct answer is D. The marginal benefit is the excess of value over the price paid, summed over the quantity consumed. This statement is incorrect because it confuses the concept of marginal benefit with consumer surplus.