Ranking is the method use in measuring
ECONOMICSJAMB 2011
Ranking is the method use in measuring
- A. marginal utility
- B. ordinal utility
- C. cardinal utility
- D. total utility
Correct Answer: B. ordinal utility
Explanation
In ordinal utility, the satisfaction a consumer obtains after consuming various commodity cannot be measured in numbers, but can be ranked in order of preference. ordinal utility uses rankings instead of values.
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