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A major assumption in cardinal utility theory is that

Economics
JAMB 2009

A major assumption in cardinal utility theory is that

  • A. utility is measureable
  • B. utility is not measurable
  • C. total utility equals marginal utility
  • D. total utility is constant
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Correct Answer: Option A
Explanation

One of the assumptions of the cardinal utility approach is that money must measure the same amount of utility under all circumstances.

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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now