Consider an economy in which the marginal product of labor MPI is: MPN = 500-3N, where / is the amount of labor used. The amount of labor supplied, NS, is given by: NS = 24 + 12w + 47, where wis the real wage and 7 is a lump-sum tax levied on individuals. Suppose that 7 = 32. The equilibrium value of employment is | |. (Round your answer to two decimal places.) The equilibrium value of the real wage is $ . (Round your answer to two decimal places. ) Suppose in this situation, the government passes minimum wage legislation that requires firms to pay a real wage greater than or equal to $1.69. Which of the following best explains the effect on the labor market? O A. The wage rises to $1.69, the quantity of labor demanded increases, and employment increases. O B. The increase in the wage rate will cause the supply of labor to increase, and thus employment will increase. O C. The minimum wage is below the equilibrium wage, so there is no effect on the labor market. O D. The wage rises to $1.69, the quantity of labor demanded decreases, and there is now unemployment. O E. The wage will rise to more than $1.69 due to the resulting shortage of labor and there will be no unemployment