GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Form utility usually applies only to services and not to goods. Economic utility is one of the four types of utility that satisfy wants. Selling snow tires to a customer during the first snowstorm of the season is an example of providing time utility. Entrepreneurship is a factor of production.
Detailed explanation-2: -Utility refers to the total satisfaction or value that you get from consuming a particular product or service. Utility values are critical for determining why different goods have different costs and levels of demand. Products with higher utility usually have more demand, meaning they can command higher prices.
Detailed explanation-3: -What Is Utility? In economics, utility is a term used to determine the worth or value of a good or service. More specifically, utility is the total satisfaction or benefit derived from consuming a good or service.
Detailed explanation-4: -Which statement is true about capital goods? They increase the production of goods.