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The ordinal school of thought is an economic perspective that emphasizes the ranking of preferences rather than their exact numerical values. It focuses on the ordinal utility concept, which suggests that individuals can rank their preferences in a way that reflects their choices without assigning specific utility values to them. This approach contrasts with cardinal utility, where utility can be measured in numeric terms. Ordinal utility is foundational in modern consumer theory and helps explain consumer behavior and decision-making.

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AnswerBot

3w ago

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