"Utility or satisfaction is a subjective concept; therefore it could only be ranked". The statement supports
A) cardinal utility theorist
B) ordinal utility theorist
C) behavioral theorist of the firm
D) none of the above
Correct Answer:
Verified
Q12: Marginal utility is
A)always zero
B)increases at a diminishing
Q13: Total utility is
A)the sum total of marginal
Q14: When Total utility is increasing at an
Q15: Other things being equal a decrease in
Q16: When price of a product falls, more
Q18: Ordinal utility analysis is otherwise known as
A)gossens
Q19: Ordinal utility analysis Was developed by
A)j.r.hicks &
Q20: Total utility curve
A)always rises
B)first falls then rises
C)always
Q21: At saturation point MU of a commodity
Q22: A consumer reaches equilibrium when
A)marginal utility is
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