-Refer to Exhibit 4-7

question 29

Multiple Choice

-Refer to Exhibit 4-7.How many unskilled workers do firms want to employ at the minimum wage?

• A) N₂
• B) N₁
• C) N₃
• D) N₁ + N₃

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Definitions:

Form Utility

The value added to products through the process of transformation, creating a more desirable product for consumers.

Place Utility

The value added to products by having them available at a location where they are needed or wanted.

Exchange

A platform or process where goods, services, or securities are traded between two parties.

Wisconsin

A U.S. state located in the north-central United States, in the Midwest and Great Lakes regions, known for its dairy production and manufacturing industries.