Excess benefit is defined as: Question 47 options: the difference between marginal cost and marginal benefit for the last unit of an item produced and consumed the total difference between marginal cost and marginal benefit for all units of an item produced and consumed the total difference between marginal benefit and marginal cost for all units of an item produced and consumed the difference between marginal benefit and marginal cost for the last unit of an item produced and consumed the excess of total utility over total fixed cost for a particular product