{"id":51543,"date":"2024-04-15T23:26:20","date_gmt":"2024-04-15T23:26:20","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=51543"},"modified":"2024-04-15T23:26:20","modified_gmt":"2024-04-15T23:26:20","slug":"match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/","title":{"rendered":"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer&#8217;s surplus 4. Alfred Marshall"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97a3159e81b\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    a-1, b-3, c-2, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    a-1, b-2, c-3, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    a-4, b-3, c-2, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-4, b-2, c-3, d-1                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. a-1, b-3, c-2, d-4.<\/p>\n<ul>\n<li>Cardinal approach: This approach assumes that utility can be measured in cardinal numbers, such as 1, 2, 3, etc. This means that it is possible to say that one good gives <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> more utility than another good. The cardinal approach is based on the work of Jeremy Bentham and Vilfredo Pareto.<\/li>\n<li>Ordinal approach: This approach assumes that utility can only be ranked, but not measured. This means that it is possible to say that one good gives more utility than another good, but not how much more utility it gives. The ordinal approach is based on the work of Frank Ramsey and John von Neumann.<\/li>\n<li>Hicks-Allen approach: This approach is a method of measuring utility that is based on the ordinal approach. It assumes that consumers are rational and that they will always choose the combination of goods that gives them the most utility. The Hicks-Allen approach is based on the work of John Hicks and R.G.D. Allen.<\/li>\n<li>Indifference curve: This is a curve that shows all the combinations of goods that give a consumer the same level of utility. Indifference curves can be used to represent a consumer&#8217;s preferences.<\/li>\n<li>Consumer&#8217;s surplus: This is the difference between the amount that a consumer is willing to pay for a good and the amount that they actually have to pay for it. Consumer&#8217;s surplus can be used to measure the benefits that consumers receive from consuming goods.<\/li>\n<li>Alfred Marshall: This was an English economist who is considered to be one of the founders of modern economics. Marshall developed the theory of consumer demand, which is based on the ordinal approach to utility.<\/li>\n<\/ul>\n<p>I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer&#039;s surplus 4. Alfred Marshall<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer&#039;s surplus 4. Alfred Marshall\" \/>\n<meta property=\"og:description\" content=\"Join Our Telegram Channel Subscribe on YouTube\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T23:26:20+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer's surplus 4. Alfred Marshall","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/","og_locale":"en_US","og_type":"article","og_title":"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer's surplus 4. Alfred Marshall","og_description":"Join Our Telegram Channel Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T23:26:20+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/","url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/","name":"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer's surplus 4. Alfred Marshall","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T23:26:20+00:00","dateModified":"2024-04-15T23:26:20+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-cardinal-approach-1-marginal-utility-b-ordinal-approach-2-revealed-preference-theory-c-hicks-allen-approach-3-indifference-curve-d-consumers-surplus-4-a\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"Match the following. List-I List-II a. Cardinal approach 1. Marginal utility b. Ordinal approach 2. Revealed preference theory c. Hicks-Allen approach 3. Indifference curve d. Consumer&#8217;s surplus 4. Alfred Marshall"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/51543"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=51543"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/51543\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=51543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=51543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=51543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}