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Correct
Solution:
According to the ordinal approach of consumer’s behavior:
(B) Utility is a psychological feeling and is not quantifiable. The ordinal approach assumes that utility can only be ranked or ordered based on a consumer's preferences for different goods and services. It is not possible to assign a specific numerical value to the level of satisfaction or utility derived from a particular commodity or combination of commodities.
(C) The consumer is capable of simply comparing the different levels of satisfaction. The ordinal approach assumes that the consumer can rank their preferences for different goods and services based on the level of satisfaction or utility they derive from them. However, it does not assume that the consumer can assign a specific numerical value to their level of satisfaction.
Therefore, option (d) Both (b) and (c) are correct statements according to the ordinal approach of consumer's behavior.
Correct option is (d)