The frangle industry is a monopoly, with a demand curve 100- p; where p is the price of frangles. It takes one unit of labor and no other inputs to produce a frangle. The Frangle-makers Guild is a strong union. The Guild sets a wage and prevents anyone from working for less than that wage. The frangle monopoly must pay that wage but can hire as much labor as it chooses to.If the guild chooses a wage so as to maximize the total earnings (wage times number of units of labor hired) of frangle-makers, then: