Which Utility Is Also Called Possession Utility

question 78

Multiple Choice

Which utility is also called possession utility?

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

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Definitions:

Machine-hour

A measure of production time, calculated as the total hours a machine is operated within a specific period.

Maintenance Cost

The expense associated with the upkeep and repair of equipment or facilities, ensuring they continue to operate efficiently.

Independent Variable

A variable in an experiment or model that is manipulated or changed to observe its effect on a dependent variable.

Overhead Cost

Indirect costs not directly tied to production but necessary for running business operations, such as rent, utilities, and administrative expenses.