-Refer to the Above Figure

question 8

Multiple Choice

-Refer to the above figure. Suppose there are workers in the union. If the union wants to set a wage rate of , it must

• A) determine which of its members will earn and which will earn .
• B) accept that - members will not be able to find work in the industry.
• C) accept that - workers will have to get a lower wage equal to and - workers will have to get a wage of .
• D) determine the most efficient way to get the firms to accept the wage and hire all workers.

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Definitions:

Stolen

Pertains to property taken without permission or legal right and without intending to return it.

Tariff Rules

Regulations and fixed duties or fees imposed by a government on imports or exports to control trade and raise revenue.

Common Carrier

An entity that offers its services to the general public for the transport of goods or people under the regulation of government agencies.

Liability

The legal responsibility for one's actions or inaction, which may result in financial compensation or legal penalties.