The correct answer is b. Level of satisfaction.

Explanation:

Ordinal concept of utility is an economic theory that measures utility in terms of the level of satisfaction derived from consuming goods or services. It suggests that individuals can rank their preferences for different goods and services based on the satisfaction they derive from them, but it does not assign any specific numerical values or units to utility.

Let's break down the answer into headings and HTML bullet points to provide a detailed explanation:

1. What is the ordinal concept of utility?
The ordinal concept of utility is a theory in economics that focuses on the ranking or ordering of preferences. It suggests that individuals can rank their preferences for different goods and services, indicating which ones they prefer more than others. However, it does not quantify the exact amount of utility or assign any specific units to it.

2. How does the ordinal concept of utility work?
According to this concept, individuals can compare and rank their preferences based on the level of satisfaction they derive from consuming goods or services. For example, if a person prefers consuming apples over oranges, it means that they derive more satisfaction or utility from eating apples. However, it does not specify how much more utility or satisfaction they derive.

3. Why is the answer b. Level of satisfaction?
The answer is b. Level of satisfaction because the ordinal concept of utility expresses utility in terms of the satisfaction or preference ranking individuals assign to different goods or services. It does not involve quantifying utility using units or assigning numerical values. Instead, it focuses on understanding the relative preferences of individuals and their perception of satisfaction.

4. Comparison with other options:
- Option a. Units: Utility is not expressed in terms of units because the ordinal concept does not assign specific numerical values to utility.
- Option c. Constants: Constants are not relevant to the ordinal concept of utility as it focuses on the ranking of preferences rather than specific numerical values.
- Option d. None of these: This option is incorrect as the ordinal concept of utility does express utility in terms of the level of satisfaction or preference ranking.

In conclusion, the ordinal concept of utility expresses utility in terms of the level of satisfaction or preference ranking individuals assign to different goods or services. It does not involve assigning units or specific numerical values to utility.