Business, 23.10.2019 05:00 luckyalita

What is the difference between ordinal utility and cardinal utility? ordinal utility refers to a. satisfaction when consumers are not rational, while cardinal utility is satisfaction when consumers are rational. b. an interpersonal comparison of satisfaction, while cardinal utility is a ranking of market baskets using arbitrary numerical values. c. a ranking of market baskets in order of most to least preferred, while cardinal utility indicates how much one market basket is preferred to another. d. a ranking of market baskets based on income, while cardinal utility is a ranking of market baskets based on consumption. e. a ranking where the intensity of preferences is quantified, while cardinal utility is a number that by itself has no meaning.

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What is the difference between ordinal utility and cardinal utility? ordinal utility refers to a. s...

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