-Refer to the Above Figure $\mathrm { W } _ { 1 }$

question 225

Multiple Choice

-Refer to the above figure.If the union wants to maximize the total income of its members who work,it will set wages at

• A) \(\mathrm { W } _ { 1 }\) .
• B) \(\mathrm { W } _ { 2 }\) .
• C) \(\mathrm { W } _ { 3 }\) .
• D) \(\mathrm { W } _ { 4 }\) .

---

Definitions:

Opportunity Cost

represents the value of the next best alternative that is forfeited when a decision is made to pursue a particular course of action.

Portugal

Portugal is a southern European country on the Iberian Peninsula, known for its long history, cultural heritage, and significant contributions to world exploration.

Wine

An alcoholic beverage made by fermenting grapes or other fruits, with a rich history and variety across cultures.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between multiple options.