Which of the followings are assumptions of ordinal utility analysis?
(A) Consumers are consistent in their preferences
(B) Consumer can measure the total utility received from any given basket of goods
(C) Consumer preferences follow transitivity
(D) Consumers are non-satiated with respect to goods they confront
(E) Consumers are irrational
Choose the correct answer from the options given below:
1
(A), (B), (D) only
2
(C), (D), (E) only
3
(A), (C), (D) only
4
(A), (B), (C) only