What happens if a bowling team while bowling first decides to keep bowling wide and No balls perpetually?

The moment an umpire feels that the bowling of wides is deliberate he can summon the captain & warn him. If it still continues I feel the bowling team could be scratched off & penalised further ( However this point may need further confirmation)

Even, if the first over, is not completed, by a bowler, the umpire will ask the captain for a change. If this continues, the umpire can award the match to the other team, as it happened, in England, when the Pakistan Team, did not take the field.

Secondly, if hypothetically, taking your point, a team has to finish 300 legal deliveries within, the stipulated time, of 3 & half hours. If they do not complete they have to pay penalty for each over, delay. This assumption of yours can lead to 50 overs delay . This can be penalised monetarily and also bu banning the captain or team alongwith monetary penalty.

The team bowling first cannot play the full day. They can play only upto the stipulated period. If they fail to complete their overs within the stipulated period, they will be fined. Hence the question of the team bowling first will play the whole day does not arise

The match will be abandened.

Players will be punished,...

for Bringing the game of cricket for disrepute.,

wouldn't such an action be construed as refusal to play?

Match will be extended for extra days for extras.

This can never happen.

Do'nt ask stupid questions and give stupid answers!

no.