Which Utility Is Created by Making a Good or Service

question 93

Multiple Choice

Which utility is created by making a good or service available when customers want and need to purchase it?

• A)Form
• B)Ownership
• C)Time
• D)Place

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Definitions:

Profit-Maximizing Price

The price at which a company can make the highest profit, where marginal revenue equals marginal costs.

Monopoly Model

A market structure where a single firm controls the entire market supply of a product or service, facing no competition.

Price

The monetary value assigned to a product or service, determined by various factors including supply and demand, cost of production, and market competition.

Economic Profit

The disparity between total monetary gains and overall financial outlay, accounting for both clear and obscure costs.