Question: What is the difference between ordinal utility and cardinal utility? Part 2 Ordinal utility refers to Part 3 A . a ranking of market baskets
What is the difference between ordinal utility and cardinal utility?
Part
Ordinal utility refers to
Part
A
a ranking of market baskets based on income while cardinal utility is a ranking of market baskets based on consumption.
B
a ranking where the intensity of preferences is quantified, while cardinal utility is a number that by itself has no meaning.
C
an interpersonal comparison of satisfaction, while cardinal utility is a ranking of market baskets using arbitrary numerical values.
D
satisfaction when consumers are not rational while cardinal utility is satisfaction when consumers are rational.
E
a ranking of market baskets in order of most to least preferred, while cardinal utility indicates how much one market basket is preferred to another.
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