WAGE (Dollars per hour) 20 18 Wage 16 Supply 14 12 10 8 6 4 2 0 0 Demand 90 180 270 360 450 540 630 720 810 900 LABOR (Hundreds of workers) Market for Labor in the Fast Food Industry (Dollars per hour) Labor Demanded (Hundreds of workers) 6 900 Labor Supplied (Hundreds of workers) 378 In this market, the equilibrium wage is S per hour, and the equilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $6 per hour. This type of price control is called a hundred workers. 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) (Hundreds of workers) (Hundreds of workers) 8 12 Pressure on Wages True or False: A minimum wage below $10 per hour is not a binding minimum wage in this labor market. True False