Match List-I with List-II.
| List-I | List-II |
| (A) Utility | (I) Which can be expressed |
| (B) Cardinal Utility | (II) Change in total utility due to additional consumption |
| (C) Marginal Utility | (III) Wants satisfying power of a commodity |
| (D) Ordinal Utility | (IV) Which cannot be expressed in quantitative term |
Choose the correct answer from the options given below
Answer & explanation
Correct answer: option 3
The correct answer is option (3) : (A)-(III), (B)-(I), (C)-(II), (D)-(IV)
| List-I | List-II |
| (A) Utility | (III) Wants satisfying power of a commodity |
| (B) Cardinal Utility | (I) Which can be expressed |
| (C) Marginal Utility | (II) Change in total utility due to additional consumption |
| (D) Ordinal Utility | (IV) Which cannot be expressed in quantitative term |
(A) Utility -> (III) Wants satisfying power of a commodity: Utility refers to the satisfaction or benefit derived from consuming a good or service.
(B) Cardinal Utility -> (I) Which can be expressed: Cardinal utility is a measure of utility that can be expressed numerically, allowing for comparison between different levels of utility.
(C) Marginal Utility -> (II) Change in total utility due to additional consumption: Marginal utility is the additional satisfaction or utility gained from consuming one more unit of a good or service.
(D) Ordinal Utility -> (IV) Which cannot be expressed in quantitative term: Ordinal utility is the ranking of preferences or choices without assigning specific numerical values.