Question

Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both __________ and __________ utilities. A. form and place

Answer 1

Answer:

The correct answer is letter "A": time and place.

Explanation:

There are four (4) types of economic utility: form, place, time, and possession. Time utility refers to the value consumers see in goods or services to have them available whenever they want. Place utility represents the value goods and services have by being available at any place.

In such scenario, Redbox vending machines fulfill the time form utility by having DVDs 24 hours per day and the place form utility by having them at convenience and grocery stores.