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Solution:
The incorrect statement regarding indifference curve approach of consumer’s behavior is (c) Consumer can say by how much one level of satisfaction is higher or lower than the other.
The indifference curve analysis assumes that utility is merely orderable and not quantitative. This means that the consumer can rank their preferences for different goods and services, but cannot assign a specific numerical value to their level of satisfaction or utility.
However, the consumer is capable of comparing the different levels of utilities or satisfactions from different commodities. This is because the consumer can determine which combination of goods and services will give them the same level of satisfaction.
Therefore, option (d) None of these is incorrect as all options except option (C) are correct.
Correct option is (c)