© Macmillan Learning Suppose the table represents the labor market of Palau. Wage ($/hour) Quantity of Labor Demanded (# of workers) Quantity of Labor Supplied (# of workers) 7.00 38,000 34,000 7.50 36,000 36,000 8.00 34,000 38,000 8.50 32,000 39,000 9.00 30,000 40,000 If Palau enacts a minimum wage of $8.50 per hour, the labor market will experience a shortage of 7,000 workers. a shortage of 4,000 workers. neither a shortage nor a surplus since the minimum wage is not binding. a surplus of 3,000 workers. a surplus of 7,000 workers.