Question

Indifference curve approach is based on
a. Ordinal approach
b. Cardinal approach
c. Subjective approach
d. Psychological approach

Answer 1

(b) is correct answer Cardinal approach

Answer 2

Ans-

B) Cardinal approach.

The indifference curve method seeks to derive all rules and laws about consumers demand that are derivable from the cardinal utility analysis.

At the same time the inventors and supporters of new method contend that their analysis is based on fewer and more reasonable assumptions. The indifference curve analysis has however, retained some of the assumptions of marshalls cardinal utility analysis.

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