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Question
Ordinal concept of utility expresses utility in terms of __________. Commerce
Ordinal concept of utility expresses utility in terms of __________. Commerce
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Solution
The concept of ordinal utility states that the level of satisfaction a consumer obtains after consuming various commodities cannot be measured in numbers but can be arranged in the order of preference. Hence, the correct answer is option (a)
The concept of ordinal utility states that the level of satisfaction a consumer obtains after consuming various commodities cannot be measured in numbers but can be arranged in the order of preference. Hence, the correct answer is option (a)
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