Advertisements
Advertisements
Questions
What is scale of preference?
Explain the following:
What is scale of preferences?
Explain
Short Answer
Advertisements
Solution
A scale of preference refers to a consumer’s ability to rank different combinations of two goods based on the satisfaction they provide. The consumer can clearly state which combinations are preferred over others and also identify combinations between which they are indifferent, meaning those combinations offer the same level of satisfaction.
shaalaa.com
Is there an error in this question or solution?
Chapter 3: Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis - TEST YOURSELF QUESTIONS [Page 49]
