Which of the following does not influence consumer behavior according to Ordinal Utility Theory?Consumer preferences.Consumer income.Prices of goods.The rate of inflation

What concept does the Ordinal Utility Theory introduce to model the consumer's decision process? The marginal utility. The budget line. The price line. The indifference map.

The indifference approach is based on the notion of ordinal utilityTrueFalse

How does the Ordinal Utility Theory explain the consumer's choice of a bundle under a budget constraint? The consumer chooses the bundle for which the marginal utility per dollar spent is the same for all goods. The consumer chooses the bundle that maximizes total utility. The consumer chooses the bundle that they most prefer among those they can afford. The consumer chooses the bundle that includes the most preferred good.

Which of these is a basic assumption of the Cardinal Utility Theory? The consumer's preferences are transitive. The consumer's preferences can be expressed in monetary terms. The utility of a bundle of goods can be measured in utils. The consumer always prefers more of a good to less.

Which of the following factors does NOT affect individual demand?Option     Market equilibrium     Income of the consumer     Preferences and tastes of the consumer     Price of the product