The only kind of utility created by production is time utility, because the producer makes that product available to the customer at the time it is needed.

Question

Quizplus · Accepted Answer

This statement is incorrect. Production can create different types of utility such as form utility (by converting raw materials into finished products), place utility (by making products available at convenient locations), possession utility (by enhancing the value of a product through packaging or branding) in addition to time utility.

The Only Kind of Utility Created by Production Is Time