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

question 200

Multiple Choice

-Refer the above figure.Suppose the union sets the wage rate that will maximize the total income for the members who work.The total wages will be

• A) \(\mathrm { W } _ { 1 }\) \(\mathrm { iL } _ { 4 }\) O.
• B) \(\mathrm { W } _ { 2 }\) \(\mathrm { aL } _ { 3 }\) O.
• C) \(\mathrm { W } _ { 3 }\) \(\mathrm { bL } _ { 2 }\) O.
• D) \(\mathrm { W } _ { 3 }\) \(\text { bhW? }\) .

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Definitions:

Interest Rate

The interest rate is the percentage of the loan amount that lenders charge borrowers as interest, usually represented as an annual percentage of the remaining loan balance.

Afford

The financial ability of an individual or organization to bear the cost of something without experiencing financial strain.

Borrowing

The act of receiving funds from another party with the agreement to repay the principal amount along with any agreed-upon interest or fees.

Contest

A competition or challenge, often with rules and participants aiming to win or achieve a specific outcome.