One of the assumptions of ordinal utility theory is that<...
One of the assumptions of ordinal utility theory is that
Choice is not consistent
Utility can be ranked
Total utility is a function of price
Satisfaction is measurable
Correct answer is B
An ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is. This means that utility can only be ranked and not measured as claimed by other theories.
National Income estimates can be used to ...
The first oil refinery in Nigeria was established at ...
Modern international trade is based on the principle of ...
Price elasticity of supply measures the responsiveness of quantity supplied to ...
Which of the following is not a method of controlling monopoly? ...
The economic system in which resource are privately owned dis known as ...
A country achieves economic development when there is ...
The following are all factors determining the location of industry except ...