Chapter 06 Homework 0 70 140 210 280 350 420 490 560 630 700 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 below $10 per hour is a binding minimum wage in this labor market. True False Grade It Now Save & Continue Continue without saving MacBook Air *