Place Utility Is Created

question 11

Multiple Choice

Place utility is created

• A)when arrangements for the transfer of title from seller to buyer are made.
• B)when the product is made available to the consumer at a time the consumer wants to buy it.
• C)by having the good or service available at a convenient location when the consumer wants to buy it.
• D)when the business firm converts raw materials into finished products.

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Definitions:

United Nations Convention

An international treaty or agreement formulated under the auspices of the United Nations, aimed at regulating issues of global concern.

Case Law

The collection of legal interpretations made by judges. They are considered to be law unless otherwise revoked by a statutory law. Also known as common law.

Quasi-contract

An obligation imposed by law to prevent unjust enrichment, where there is no actual contract between the parties.

Fair Market Value

Refers to the price at which an asset would trade in a competitive auction setting, reflecting its value in the eyes of both buyer and seller.