Use the table below to answer the following questions. Q Employer Willingness to Pay Worker Opportunity Cost Minimum Wage = $15 0 17 7 $15 1 16 8 $15 2 15 9 $15 3 14 10 $15 4 13 11 $15 5 12 12 $15 6 11 13 $15 7 10 14 $15 8 9 15 $15 9 8 16 $15 10 7 17 $15

a. What is another name for the Employer’s Willingness to Pay curve?

b. What is another name for the Worker Opportunity Cost curve?

c. In a free market, what will the equilibrium wage and quantity be?

d. If a minimum wage of $15 is set, what is the quantity demanded of labor?

e. If a minimum wage of $15 is set, what is the quantity supplied of labor?

f. What happens to the excess supply of labor?