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Question
Blood bank is an example of ______.
- Place utility
- Knowledge utility
- Service utility
- Time utility
Options
a, b, c
b, c, d
a, b, d
only d
Solution
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.
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