Graph Input Tool Market for Labor in the Fast Food Industry 20 18 Supply I Wage (Dolars per hour) 16 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 486 360 14 12 10 Bemand +i + 4 2 90 180 270 360 450 540 630 720 810 900 LABOR (Thousands of workers) In this market, the eqilibrium hourly wage is and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 6 14 True or False: A minimum wage above $10 per hour is not a binding minimum wage in this market. O True O False WAGE (Dollars per hour)

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