The Value to Consumers That Comes from Having the Offering

question 66

Multiple Choice

The value to consumers that comes from having the offering available where consumers need it constitutes __________ utility.

• A) time
• B) place
• C) possession
• D) market
• E) form

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Definitions:

Unemployment

The condition of being jobless and actively seeking employment, often measured as a percentage of the labor force.

Price Level

refers to the average of current prices across the entire spectrum of goods and services produced in the economy, often associated with inflation measurements.

Potential Output

refers to the maximum amount of goods and services an economy can produce when it is operating at full capacity, without causing inflation.

Velocity of Money

The rate at which money circulates in an economy, typically measured as the ratio of nominal GDP to the money supply.