(Figure: Labor Union Wages II) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. If the labor union chooses to maximize total wages, the deadweight loss will be: 
Definitions:
Heuristics
Simple, efficient rules, either hard-coded by evolutionary processes or learned, that help in making decisions, forming judgments, and solving problems.
Mental Shortcuts
Heuristic methods or simple strategies used by individuals to make decisions or judgments quickly without having to consider all possible variables, often resulting in cognitive biases.
Consolidating Memories
The process by which memories become stable in the brain; a phase where short-term memories are transformed into long-term memories.
Experiential System
A cognitive processing system that operates based on experiences, emotions, and intuitions rather than analytical reasoning.
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