Question

any consumer trying to decide whether to buy a given good or service will base the decision on their reservation price and the existing market price. when making this decision, the buyers reservation price measures the
marginal benefit: the value of the resources used in production.
marginal cost: the lowest amount the buyer is willing to pay for a product.
marginal benefit: the highest price that a buyer is willing to pay for a product.
marginal cost: the cost of production.
the market price measures the
marginal cost: the amount that buyer will actually have to pay.
marginal benefit: the value of the resources used in production.
marginal cost: the cost of production.
marginal cost: what the buyer is willing to pay.
the consumer will purchase the good or service only if the buyers reservation price is
higher than the market price.
lower than the market price.
equal to or higher than the market price.
equal to the market price.

Explanation:

The buyer's reservation price is the highest price a buyer is willing to pay, which represents the marginal benefit. The market - price is the amount the buyer actually has to pay, a form of marginal cost. A consumer will purchase when the reservation price (marginal benefit) is equal to or higher than the market price (marginal cost) to gain some consumer surplus or at least break - even.

Answer:

1. marginal benefit: the highest price that a buyer is willing to pay for a product.
2. marginal cost: the amount that buyer will actually have to pay.
3. equal to or higher than the market price.