JAMB - Economics (2013 - No. 11)
One of the assumptions of the cardinal approach is
diminishing marginal rate of substitution
the consistency and transitivity of choice
that total utility depends on the quantity of the commodities consumed
unstable marginal utility of money
Explanation
According to the Cardinalist school, the utility/satisfaction which is derived from the consumption of a good is a function of the quantity of that good alone.
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