Question
We do not need to actually measure the level of satisfaction derived by a consumer from the consumption of goods. We only need a ranking among the alcernative consumption bundles. Thus, utility is $\mathrm{a}(\mathrm{n})$_____________ concept.
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The question is about the concept of utility in economics, specifically whether it is necessary to measure the exact level of satisfaction (utility) a consumer gets from different bundles of goods, or if it is sufficient to simply rank these bundles in terms of Show more…
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If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?
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