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 irrationalChoose the correct answer from the options given below:

🔑Key Points:
Ordinal utility analysis is a type of utility analysis that is based on the ranking of goods and services rather than on their absolute values.
The analysis assumes that consumers are rational, which means that they have a well-defined preference ordering of the goods and services they consume.
Consistency in preferences means that a consumer's preferences do not change over time, and that they do not violate the transitivity condition.
Transitivity implies that if a consumer prefers bundle A to bundle B, and bundle B to bundle C, then the consumer must prefer bundle A to bundle C.

🔴Additional Information:
The assumption of non-satiation means that consumers always prefer more of a good to less of it, given that all other goods are held constant.
The assumption of measurability of total utility is not necessary in ordinal utility analysis because the analysis focuses on the ranking of bundles of goods rather than on their absolute values.
The assumption of irrationality is not part of the assumptions of ordinal utility analysis, as the analysis is based on the assumption of rational behavior by consumers.
Ordinal utility analysis is widely used in microeconomic analysis and is a fundamental concept in consumer theory.