GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ utility is added when a business changes the form of a good or service to make it more useful.
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Possession
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Time
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Form
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Place
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Explanation:
Detailed explanation-1: -There are four types of economic utility, which include form, time, place, and possession. Companies that can understand and recognize areas that are lacking in their marketing schemes can assess consumer purchase decisions and pinpoint the drivers behind those decisions, thus boosting their sales and profits.
Detailed explanation-2: -The utility of a good or service is determined by how much satisfaction a particular consumer obtains from it. Utility is not a quality inherent in the good or service itself. Total utility is a conceptual measure of the number of units of utility a consumer gains from consuming a good, service, or activity.
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