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Read the above image and identify the type of utility created. - Economics

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Question


Read the above image and identify the type of utility created.

Options

  • Possession utility

  • Place utility

  • Form utility

  • Time utility

MCQ
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Solution

Form utility

Explanation:

Form utility is created by changing the form or shape of raw materials into finished products that are more useful or desirable to the consumer.

In this case, fabric is transformed into shirts, thereby adding value through production.

This type of utility is about the physical transformation of goods to make them suitable for consumption.

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Chapter 3: Basic Concepts of Economics - QUESTIONS [Page 48]

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J. P. Goel and Kaushal Goel Economics [English] Class 9 ICSE
Chapter 3 Basic Concepts of Economics
QUESTIONS | Q 18. | Page 48
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