Economics · Consumer Behaviour Theory
In the historical evolution of Consumer Behaviour Theory, what primary shift characterizes the transition from the cardinal utility approach to the ordinal utility approach?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A shift from the concept of diminishing marginal utility to the assumption of a constant marginal utility of money.
- 2A shift from assuming utility can be measured numerically to focusing on ranking preferences.✓
- 3A shift from ranking consumer preferences to assuming utility can be numerically measured.
- 4A shift from analyzing budget constraints to measuring marginal utility in utils.
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A shift from assuming utility can be measured numerically to focusing on ranking preferences.
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