____ Utility Is the Only Type of Utility Created by the Production

question 189

Multiple Choice

____ utility is the only type of utility created by the production process.

• A) Form
• B) Time
• C) Production
• D) Place
• E) Possession

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Definitions:

Average Quality

The median standard of quality among similar products or services, considered acceptable or satisfactory.

Warranty Of Merchantability

The warranty of merchantability is a legal guarantee provided by sellers that goods for sale will meet reasonable quality and usability standards as understood in the marketplace.

Strict Liability

A legal standard that holds a party responsible for their actions or products, regardless of fault or intent.

Implied Warranty

A legal term for the assurance that a product is suitable for its intended purpose even if it's not explicitly stated.