define utility ? what are the types of utility
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Utility is a term in economics that refers to the total satisfaction received from consuming a good or service.
Types of Utility:-
(1) Form Utility
(2) Place Utility
(3) Time Utility
(4) Service Utility
(5) Possession Utility
(6) Knowledge Utility
(7) Natural Utility
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Answer:
utility -service provided for the public, such as a water, gas or electricity supply
Explanation:
utility types -The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product. The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions.
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