Form Utility Is ________

question 35

Multiple Choice

Form utility is ________.

• A) marketing's task in creating an offering that has value
• B) production's task in creating an offering that is desired by the market
• C) the firm's task in deciding where to distribute the product
• D) created when products are available to customers at a convenient location
• E) that which allows for transfer of the product ownership from seller to buyer

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Definitions:

Average Product

The output per unit of input, such as labor or capital, calculated by dividing total output by the total quantity of the input.

Marginal Product

The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.

Capital/Labor Ratio

The capital/labor ratio is a measure used in economics to indicate the amount of capital relative to the quantity of labor used in the production process.

Labor Productivity

The measure of the economic output produced per unit of labor input.