Homework (Ch 06) In this market, the equilibrium 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 $6. This type of price control is called a quota price floor For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labol price ceiling the direction of pressure exerted on wages in the absence of any price controls. tax Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 8 True or False: A minimum wage below $10 per hour is a binding minimum wage in this market. True O False

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