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Question
As per Ordinal Approach ______.
Options
Measurement of Utility is not possible through money
Measurement of Utility is possible but it can not be ranked
Measurement of Utility is not possible in cardinal numbers but it can be ranked
None of these
MCQ
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Solution
As per Ordinal Approach measurement of Utility is not possible in cardinal numbers but it can be ranked.
Explanation:
The ordinal approach does not measure utility in exact cardinal numbers; it ranks preferences instead. This is why it uses preference rankings rather than utils.
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