Categories of economic utility include:

• A. Place
• B. Possession
• C. Time
• D. All of the Above

Answer: (D)

Economic utility is increased when a product fits the buyer’s needs across different dimensions. Place utility means the product is available where the customer wants it, reducing effort to obtain it. Time utility refers to having the product available when it is needed, such as through extended hours or on-demand delivery. Possession utility covers how easy it is for the buyer to own or transfer ownership, including convenient payment options or straightforward title transfer. Since each of these are recognized ways a product can be useful to consumers, the option that includes all of them is the best answer.