Which of the following statements is true of exchange utility?
a. It refers to the usefulness of a good or service as a function of the location at which it is made available.
b. It refers to the elements of the composition and appearance of a product that make it desirable.
c. It refers to the increase in customer satisfaction gained by making a good or service available at the appropriate time.
d. It refers to the increased value of a product that is created as its ownership is transferred.
Answer: d. It refers to the increased value of a product that is created as its ownership is transferred.