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Ordinal utility approach states that as the utility of a particular good or a service cannot be measured, a consumer is capable of ranking the different alternatives. The goods are often considered in 'bundles' for example, does individual A prefer 2 apples and 4 oranges or 2 oranges and 4 apples?
So when large number of baskets of goods are compared, the preferences of the individual can be seen in this approach.
So when large number of baskets of goods are compared, the preferences of the individual can be seen in this approach.
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