Question

Blood bank is an example of ______.

1. Place utility
2. Knowledge utility
3. Service utility
4. Time utility

Options

• a, b, c

• b, c, d

• a, b, d

• only d

Answer 1

Blood bank is an example of Time utility.

Explanation: 

When the utility of a commodity increases with a change in its time of utilization, it is called time utility. Time utility is also observed when goods are stored and used at a time of scarcity. For example, Blood bank.