The utility created by converting production inputs into finished products is called ____ utility.
A) form
B) time
C) production
D) place
E) possession

Question

Quizplus · Accepted Answer

Form utility refers to the value added to goods or services by changing their form or creating new ones.

Answer: C 
 Production utility refers to the value added to goods or services through the production process itself. However, this is not commonly used compared to other types of utility such as form utility.

Both B and D are types of utility as well, but they do not fit the definition given in the question. Time utility refers to the value added by making goods or services available at the right time, while place utility refers to the value added by making them available in the right location.

E is not a type of utility, but rather refers to ownership or control over goods or services.

The Utility Created by Converting Production Inputs into Finished Products