The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. 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 20 I Wage (Dollars per hour) 18 16 Labor Demanded Thousandş of workers) Labor. Supplied TKousands of workers) Supply 500 14 12 10 Demand 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) 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 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. Labor Supplied (Thousands of workers) Labor Demanded (Thousands of workers) Wage (Dollars per hour) Pressure on Wages 8 12 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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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.