Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will results in a shortage or a surplus.

Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100,000 for 100 thousand workers.

Wage	Labor Demanded	Labor Supplied	Shortage or Surplus?
	(Workers)	(Workers)
$12.50	-	-

Which of the following statements are true? Check all that apply.

1)Binding minimum wages cause structural unemployment.

2)In this labor market, a minimum wage of $9.50 would be binding.

3)If the minimum wage is set at $12.50, the market will not reach equilibrium.

4) In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilib