Question

What type of utility is the focus of this scenario?

1) Form utility
2) Place utility
3) Time utility
4) Possession utility

Answer 1

The focus of the scenario is possession utility, which refers to the value or satisfaction derived from owning or possessing a good or service.

Step-by-step explanation:

The focus of the scenario described is possession utility. Possession utility refers to the value or satisfaction that a consumer derives from owning or possessing a good or service. In the scenario, the student is considering the utility or happiness that comes from owning and consuming different goods, such as burgers and bus tickets. As the student consumes more of a good, the additional utility or satisfaction decreases due to the law of diminishing marginal utility.