Match List-I with List-II
List-I List-II (A). The level of utility can be expressed in numbers. (I). Total Utility (B). The change in total utility due to consumption of one additional unit of a commodity. (II). Ordinal Utility (C). The total satisfaction derived from consuming the given amount of some commodity. (III). Cardinal Utility (D). The level of utility can be expressed in ranks. (IV). Marginal Utility
Choose the correct answer from the options given below:
Match List-I with List-II
| List-I | List-II |
|---|---|
| (A). The level of utility can be expressed in numbers. | (I). Total Utility |
| (B). The change in total utility due to consumption of one additional unit of a commodity. | (II). Ordinal Utility |
| (C). The total satisfaction derived from consuming the given amount of some commodity. | (III). Cardinal Utility |
| (D). The level of utility can be expressed in ranks. | (IV). Marginal Utility |
Choose the correct answer from the options given below:
Solution
Option 4: (A) - (III), (B) - (IV), (C) - (I), (D) - (II) -> This is the correct matching. (A) Cardinal Utility (III) allows utility to be expressed in numerical values (utils). (B) Marginal Utility (IV) is defined as the additional satisfaction gained from consuming one more unit of a good. (C) Total Utility (I) represents the aggregate satisfaction from consuming a given quantity of a commodity. (D) Ordinal Utility (II) involves ranking preferences without assigning specific numerical values, using ordinal rankings like 1st, 2nd, 3rd preference. -> correct
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