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What Is The Difference Between Features Of Cardinal And Ordinal Utility?
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Cardinal Utility and Ordinal Utility are both concepts of economics. Cardinal Utility is the theory that implies that the utility gained from a product or service is measurable and the magnitude of measurement is meaningful. Whereas Ordinal Utility implies that the utility of a good or service cannot be measured by using an objective scale. Cardinal Utility is measurable and quantitative whereas Ordinal Utility is not measurable and is Qualitative.
answered 11 months ago
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