4. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) 6 Supply Labor Demanded 500 Labor Supplied 210 (Hundreds of (Hundreds of workers) workers) WAGE (Dollars per hour) Demand 50 100 150 200 250 300 350 400 450 500 LABOR (Hundreds of workers) In this market, the equilibrium wage is $ per hour, and the equilibrium quantity of labor is hundred workers. Suppose the mayor of Combopolis introduces a legal minimum wage of $6 per hour. 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) (Hundreds of workers) ( Hundreds of workers) Pressure on Wages True or False: A minimum wage above $10 per hour is a binding minimum wage in this labor market. O True False