Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool ? 20.0 Market for Labor 17.5 Supply IWage 2.50 (Dollars per hour) 15.0 Labor Demanded 875 Labor Supplied 125 (Thousands of (Thousands of 12.5 workers) workers) 10.0 WAGE (Dollars per hour) 7.5 5.0 Demand 2.5 0 0 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers)Complete the following table with the quantity of labor supplied and demanded lf the wage is set at $7.50. Then lndlcate whether this wage will result lo 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 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? :l E _v Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50. Which of the following statements are true? Check all that apply. C In this labor market, a minimum wage of $7.50 is binding. C If the minimum wage is set at $10.50, the market will not reach equilibrium. C Binding minimum wages cause frictional unemployment. C In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium