The scale of preference refers to the order of priority or ranking of a consumer's wants or needs. It shows the consumer's most preferred choices among different goods and services based on their level of satisfaction or utility derived from them.
For example, if a person has a limited budget and has to choose between buying a smartphone or a new pair of shoes, they will choose the item that gives them the most utility or satisfaction first. If the person prefers the smartphone over the shoes, then the smartphone will be at the top of their scale of preference, and the shoes will be lower down the list. The scale of preference helps the consumer to make a rational decision on how to allocate their scarce resources based on their preferences.
Therefore, the correct answer is: consumer's wants in order of priority. is incorrect because it refers to the opportunity cost of goods consumed, which is the value of the next best alternative forgone when a choice is made. is incorrect because it refers to the incomes of consumers in order of size. is incorrect because it refers to the utilities enjoyed by consumers, which is the level of satisfaction or usefulness derived from a good or service.