Production creates:
A)time utility.
B)marginal utility.
C)form utility.
D)ownership utility.

Question

Quizplus · Accepted Answer

Production creates form utility, which refers to the value added to a product by physically changing or transforming it into something desirable by consumers, such as assembling raw materials into a finished product. Time utility refers to making a product available at a convenient time for consumers, marginal utility refers to the additional satisfaction or value gained from consuming one more unit of a product, and ownership utility refers to the satisfaction gained from possessing a product.

Production Creates