Scale of preference?
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Meghna Thapar 4 years, 10 months ago
Scale of preference is simply a concept that drives to satisfy the wants of an individual in the order of their priority and importance. ... Now that is the scale of preference at work. It is also of value to note that the scale determines the demand of goods in the market. A scale of preference is a list of wants arranged in an order of importance. Opportunity cost is the alternative want foregone as a particular item is chosen, or as a particular want is satisfied.
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