Ranking is the method use in measuring
...Ranking is the method use in measuring
marginal utility
Ordinal utility
Cardinal utility
Total utility
Correct answer is B
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.
Above the equilibrium point, a further rise in price tends to ...
A benefit that is present in all forms of economic integration is that ...
The production strategy used in an over-populated country is ...
Which of the following agencies help to stabilize farmer's income? ...
The demand for money is described as a ...
What is meant by labour supply? ...