A utility function that generates a ranking of market baskets in order of most to least preferred is called:

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Quizplus · Accepted Answer

An ordinal utility function generates a ranking of preferences without assigning any specific numerical values to each basket. This ranking allows us to determine which basket is preferred over another, but not by how much. Therefore, a ranking of market baskets in order of most to least preferred is an example of an ordinal utility function.

A Utility Function That Generates a Ranking of Market Baskets