Final answer:
Utility is the measurement of usefulness that a consumer obtains from a good or service. Different circumstances create different types of utility: Form utility, possession utility, time utility, and place utility.
Explanation:
Utility refers to the measurement of usefulness that a consumer obtains from a good or service. Different circumstances create different types of utility:
- a) Form utility is created by carpentry, transforming raw materials into finished products.
- b) Selling bread to students generates possession utility, as it enables students to obtain the bread.
- c) Warehousing of imported goods provides time utility by making them available when needed.
- d) The carriage of cargo to the market creates place utility as it moves the goods to where consumers can access them.
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