On the basis of the use of utility dependent on consumption of its quantity, utility can be divided into __________ concepts.
On the basis of the use of utility dependent on consumption of its quantity, utility can be divided into __________ concepts.
The correct option is B 3
There are three major types of utility:
1. Form Utility:
This utility is created by changing the form or shape of the
materials. For example, table made from wood. Form utility is created
by the manufacturing of goods.
2. Place Utility:
This utility is created by transporting goods from one place to another.
Thus, in marketing goods from the factory to the market place, place utility is
created.
3. Time Utility:
Storing, hoarding and preserving certain goods over a period of time may
lead to the creation of time utility for such goods, e.g., by hoarding or
storing food-grains at the time of a bumper harvest and releasing their stocks
for sale at the time of scarcity.
There are three major types of utility:
1. Form Utility:
This utility is created by changing the form or shape of the materials. For example, table made from wood. Form utility is created by the manufacturing of goods.
2. Place Utility:
This utility is created by transporting goods from one place to another. Thus, in marketing goods from the factory to the market place, place utility is created.
3. Time Utility:
Storing, hoarding and preserving certain goods over a period of time may lead to the creation of time utility for such goods, e.g., by hoarding or storing food-grains at the time of a bumper harvest and releasing their stocks for sale at the time of scarcity.
