The indifference approach is based on the notion of ordinal utilityTrueFalse

What is the purpose of an indifference curve in the Ordinal Utility Theory?To measure utility in utils.To show all combinations of goods that give the consumer equal satisfaction.To represent the law of diminishing marginal utility.To measure the total utility of a good

What concept does the Ordinal Utility Theory introduce to model the consumer's decision process? The marginal utility. The budget line. The price line. The indifference map.

From the perspective of indifference approach, the size of utility differences can be established.TrueFalse

Differentiate between cardinal utility approach and indifference curve approach

utility (cardinal and ordinal )