i need help , i keep getting it wrOing and this is my last chancemIcroeconmics question 5 ### Labor Market in the Fast-Food IndustryThe following graph illustrates the labor market in the fast-food industry in the fictional town of Supersize City.#### Instructions for UseUse the graph input tool to help you answer the following questions. Don’t worry; you will not be graded on any changes you make to this graph.**Note:** Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.#### Graph Input Tool**Market for Labor in the Fast-Food Industry**- **Wage (Dollars per hour)**: 6 - **Labor Demanded (Thousands of workers)**: 630 - **Labor Supplied (Thousands of workers)**: 0#### Graph ExplanationThe graph displays a downward-sloping demand curve and an upward-sloping supply curve for labor in the fast-food industry. The x-axis represents the quantity of labor, measured in thousands of workers, and the y-axis represents the wage rate, measured in dollars per hour.1. **Demand Curve (Green)**: Indicates the quantity of labor demanded by employers at different wage rates.2. **Supply Curve (Orange)**: Indicates the quantity of labor supplied by workers at different wage rates.3. **Equilibrium Point**: The intersection of the supply and demand curves, where the quantity of labor demanded equals the quantity supplied.#### Analyzing EquilibriumIn this market, the equilibrium hourly wage is $_____, and the equilibrium quantity of labor is _____ workers.(Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousand workers.)#### Policy ImplicationSuppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a __________.#### Graph DataFrom the graph:- If the wage is set at $6 per hour, labor demanded is 630 thousand workers, however, labor supplied is 0 thousand workers. This discrepancy can be used to analyze the effects of a minimum wage in this market. ### Minimum Wage Legislation and Market EffectsSuppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a **minimum wage**.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 (Dollars per hour) | Labor Demanded (Thousands of workers) | Labor Supplied (Thousands of workers) | Pressure on Wages ||-------------------------|----------------------------------------|--------------------------------------|-------------------------------|| 8 | | | || 12 | | | |A minimum wage above $10 per hour in this market will **create a labor surplus**.

According to the Law of Demand and Supply more quantities of a commodity is demanded and less is…

Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. 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 12 A minimum vwage above $10 per hour in this market will