Ordinal Utility Gives Us Information About Which Basket the Consumer

question 31

True/False

Ordinal utility gives us information about which basket the consumer prefers and quantitative information about the intensity of the preference.

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Definitions:

Cognitive Tool

An aid or strategy used to enhance mental processes such as thinking, learning, and problem-solving.

Abstract Concept

An idea or thought that is intangible and not based directly on physical reality, requiring a level of thinking and understanding beyond concrete objects.

Dissimilar

Different in nature or quality; not alike or similar.

Priming

A technique in psychology used to train or influence an individual's subconscious mind by exposing them to a particular stimulus prior to another task, affecting their response to it.