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 200 Market for Labor 175 Supply 2.50 150 Wage (Dollars per hour) Labor Demanded (Thousands of workers) 875 125 Labor Supplied (Thousands of workers 12.5 WAGE (Dollars per hour) 10.0 75 3.0 Demand 25 0 0 1 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate wirettier this wage will result in a shortage or a surplus. a 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) $12.50 Shortage or Surplus? Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50 Which of the following statements are true? Check all that apply. In this labor market, a minimum wage of $9.50 would be binding. If the minimum wage is set at $12.50, the market will not reach equilibrium. Binding minimum wages cause structural unemployment. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium