20 Market for Labor in the Fast Food Industry I Wage Supply ( Dollars per hour) 8 Labor Demanded 600 Labor Supplied 368 Thousands of Thousands of workers) workers) WAGE (Dollars per hour) + Demand ONE 80 160 240 320 400 480 580 640 720 800 LABOR (Thousands of w 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 $8. 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. Wage Labor Demanded Labor Supplied ( Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 14 True or False: A minimum wage above $10 per hour is a binding minimum wage in this market. O True O False