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Ranking is the method use in measuring

Economics
JAMB 2011

Ranking is the method use in measuring

  • A. marginal utility
  • B. ordinal utility
  • C. cardinal utility
  • D. total utility
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Correct Answer: Option B
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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