Utility created when a firm converts raw materials into finished products that are desired by the market is called ________ utility.
A) time
B) form
C) place
D) ownership
E) price

Question

Quizplus · Accepted Answer

Form utility is the utility that is created when a firm converts raw materials into finished products that are desired by the market. Time utility refers to the utility created by making a product available at the right time, while place utility refers to the utility created by making a product available at the right place. Ownership utility refers to the value a product adds when it is transferred from the seller to the buyer, while price utility refers to the utility created when a product is sold at a reasonable price.

Utility Created When a Firm Converts Raw Materials into Finished