Cardinal concept
Ordinal concept
Indeterminate concept
None of the above
✅ The correct answer is A.
Under Marginal utility analysis, utility is assumed to be a Cardinal concept. The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.
Under Marginal utility analysis, utility is assumed to be a Cardinal concept. The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.