When Channels Convert Raw Materials into Finished Goods and Services

question 16

Multiple Choice

When channels convert raw materials into finished goods and services in forms the consumer seeks to purchase,it is known as:

• A) time utility.
• B) form utility.
• C) place utility.
• D) possession utility.
• E) function utility.

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or activities, often included in the price of items like gasoline, alcohol, and tobacco.

Tax Wedge

The difference between the amount a buyer pays and the amount a seller receives for a good or service due to taxation.

Sellers

Individuals or entities that offer goods or services for sale in the market.

Excise Tax

A type of tax levied on specific goods, services, or activities, often aimed at discouraging undesirable behaviors or generating revenue.