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Marginal utility is a ______ Concept
- a)Cardinal
- b)Ordinal
- c)Both
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Marginal utility is a ______ Concepta)Cardinalb)Ordinalc)Bothd)NoneCor...
Marginal utility is a Cardinal Concept.
Explanation:
Marginal utility refers to the additional utility or satisfaction derived from the consumption of an additional unit of a good or service. It is a cardinal concept because it can be measured quantitatively in terms of utils or units of satisfaction. Cardinal measurement involves assigning numerical values to the level of utility or satisfaction derived from consuming a good or service. Thus, marginal utility can be measured and compared between different goods and services. In contrast, ordinal measurement only ranks preferences or choices without assigning numerical values. Therefore, marginal utility is a cardinal concept.
Explanation:
Marginal utility refers to the additional utility or satisfaction derived from the consumption of an additional unit of a good or service. It is a cardinal concept because it can be measured quantitatively in terms of utils or units of satisfaction. Cardinal measurement involves assigning numerical values to the level of utility or satisfaction derived from consuming a good or service. Thus, marginal utility can be measured and compared between different goods and services. In contrast, ordinal measurement only ranks preferences or choices without assigning numerical values. Therefore, marginal utility is a cardinal concept.
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Marginal utility is a ______ Concepta)Cardinalb)Ordinalc)Bothd)NoneCorrect answer is option 'A'. Can you explain this answer?
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