A union has negotiated a contract that states the following: work up to 40 hours per week

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Question:

A union has negotiated a contract that states the following: work up to 40 hours per week will be paid at a base rate of $10 per hour. All work in excess of 40 hours, but less than 48 hours will be paid at a rate equal to 1½ times the base rate. Any work in excess of 48 hours will be paid at double time. This pay scale agrees with:________

a. the law of supply.

b. the law of demand.

c. the law of supply and demand.

d. ceteris paribus.

e. can't tell with the information provided.