Ordinal utility analysis

In ordinal utility

• We measure satisfaction in numbers

• We rank our satisfaction

• Any of the above

• None of the above

In indifference curve consumer is assumed to be

• Indifferent

• Different

• Monotonic preferred

• None of the above

In monotonic preference, consumer will always prefer that combination in which he gets

• Less units of commodity(ies)

• More units of commodity(ies)

• Any of the above

• None of the above

MRS stands for

• Marginal rate of satisfaction

• Marginal rate of standard

• Marginal rate of substitution

• Marginal rate of sacrifice

If the consumer is having monotonic preference, which out of these two combinations he will prefer - (3, 12) and (3, 7)

• (3,7)

• (3, 12)

• Any of the above

• None of the above

All combinations on an indifference curve gives consumer

• Equal satisfaction

• No satisfaction

• Different satisfaction

• None of the above

Indifference curve is

• Concave shaped

• Convex shaped

• Straight parallel line

• Horizontal shaped

In Indifference map

• 1 Indifference curve is represented

• 2 or more than 2 indifference curves are presented

• None of the above

• Any of the above