Ordinal Utility can be measured by
a. Ranking
b. Numbering
c. Wording
d. None of these
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The answer to the above question is D. none of these.
It is because ordinal utility is basically the measurement of usefulness and not by ranking or number of any other accurately measurable factor.
Basically, it is helpful to understand what is better than good, and what is worse than worse.
That is how ordinal utility of anything is actually measured.
It can be actually measured on the graph that is called as customer demand curve.
It is because ordinal utility is basically the measurement of usefulness and not by ranking or number of any other accurately measurable factor.
Basically, it is helpful to understand what is better than good, and what is worse than worse.
That is how ordinal utility of anything is actually measured.
It can be actually measured on the graph that is called as customer demand curve.
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