10 . Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool 16 Market for Labor 14 Supply Wage 2.00 (Dollars per hour) 12 Labor Demanded 1,400 Labor Supplied 200 (Thousands of (Thousands of 10 workers) workers) CO WAGE (Dollars per hour) Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers)Comgtete the foiiowing table with the guanth ofiabor sugplied and demanded if the wage is set at $10.00. Then indicate whether this wage wit! resuit in a shortage er a surptus. 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 Demanded Labor Supplied Wage ( Thousands of markers) {Thousands of workers) Shortage or Surplus? m E E _v Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $10.00. which of the foliowing statements are true? Check at! that appiy. D If the minimum wage were set at $150. the market would still be able to reach equilibrium. D Binding minimum wages increase the natural rate of unemployment. D In this labor market, a minimum wage of $10.00 would be binding. D In the absence of price controls. a surplus puts upward pressure on wages unlil they rise to the equilibrium