**Transcription and Explanation**### Graph ExplanationThe graph displays the "Market for Labor" with the x-axis labeled "LABOR (Thousands of workers)" ranging from 0 to 1600, and the y-axis labeled "WAGE (Dollars per hour)" ranging from $0 to $16.- **Supply Curve (Orange Line):** This line slopes upward, indicating that as wages increase, the quantity of labor supplied increases.- **Demand Curve (Blue Line):** This line slopes downward, indicating that as wages decrease, the quantity of labor demanded increases.Key points on the graph:- At a wage of $2.00 per hour, the quantity of labor demanded is 1,400,000 workers, and the quantity of labor supplied is 200,000 workers. This scenario is displayed on the graph where the vertical lines intersect the demand and supply curves at a wage of $2.00.### Table CompletionThe table below the graph asks to complete the quantity of labor supplied and demanded if the wage is set at $6.00 and indicates whether this results in a shortage or a surplus.| Wage (Thousands of workers) | Labor Demanded (Thousands of workers) | Labor Supplied (Thousands of workers) | Shortage or Surplus? ||-----------------------------|---------------------------------------|--------------------------------------|-----------------------|| $6.00 | | | |##### Instructions:Complete the table using the graph. For a wage of $6.00, find the corresponding points on the demand and supply curves to determine the quantities and if it results in a shortage (demand > supply) or a surplus (supply > demand).**Hint:** Pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.

Surplus is the condition when the quantity supplied is greater than the quantity demanded. Shortage…

WAGE (Dollars per hour) 16 14 12 10 co co 2 0 Supply Demand 0 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) Labor Demanded Wage (Thousands of workers) $6.00 Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 2.00 1,400 Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $6.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Supplied (Thousands of workers) Shortage or Surplus? 200