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JAMB Economics 2000 Question 9

Question 9

Theory of Consumer Behaviour

A central argument of cardinal utility is that utility is

  1. A.measurable
  2. B.psychological
  3. C.ranked
  4. D.intangible.
Show the answer and explanation

Answer: A (measurable)

Explanation

Cardinal utility theory assumes satisfaction can be measured in units (utils); ordinal theory only ranks it.