Complete the following statement by choosing the correct alternatives: As per the law of diminishing marginal utility, measurement of utility is assumed to be _____. - Economics

MCQ

Complete the following statement by choosing the correct alternatives:

As per the law of diminishing marginal utility, the measurement of utility is assumed to be _____.

Options

• ordinal

• cardinal

• both ordinal and cardinal

• none of the above

Solution

As per the law of diminishing marginal utility, the measurement of utility is assumed to be cardinal.

Concept: Law of Diminishing Marginal Utility
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 2 Utility Analysis
Exercise | Q 1. (2) | Page 16