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Types of Utility in Economics
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Types of Utility in Economics

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Questions and Answers

What is possession utility?

  • The storage and use of goods at the time of scarcity
  • The utility of a commodity increasing with a change in its time of utilization
  • The transfer of ownership of goods from one person to another (correct)
  • The increased utility of a commodity during examinations
  • When does time utility occur?

  • When the ownership of goods is transferred from one person to another
  • When a student has more utility for textbooks during examinations than in vacations
  • When the utility of a commodity increases with a change in its time of utilization (correct)
  • When goods are stored and used at the time of scarcity
  • What is an example of time utility?

  • Blood bank (correct)
  • Storage and use of goods at the time of scarcity
  • Increased utility of textbooks during examinations
  • Transfer of goods from sellers to buyers
  • When does possession utility occur?

    <p>When the ownership of goods is transferred from one person to another</p> Signup and view all the answers

    What is the main characteristic of possession utility?

    <p>Transfer of ownership of goods</p> Signup and view all the answers

    In which scenario does time utility occur?

    <p>When a commodity's utility increases with a change in its time of utilization</p> Signup and view all the answers

    What is an example of possession utility?

    <p>Transfer of goods from the sellers to the buyers</p> Signup and view all the answers

    When does time utility occur?

    <p>When a commodity's utility increases with a change in its time of utilization</p> Signup and view all the answers

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