Consider the market for labour 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 16 Market for Labour 14 I Wage (Dollars per hour) 12 Labour Demanded Labour Su plied (Thousands of 1'4.\" (Thousan s of 200 10 workers) workers) WAGE (Dollars per hour) o 200 400 600 800 1000 120014001600 LABOUR (Thousands of workers) Suppose a government considers introducing a bill to legislate a minimum hourly wage of $10.00. Complete the following table with the quantity of labour supplied and demanded if the wage is set at $10. 00. Then indicate whether this wage 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. Labour Demanded Labour Supplied Wage (Workers) (Workers) Shortage or Surplus? $10.00 | | l l v Which of the following statements are true? Check all that apply. C Binding minimum wages increase the natural rate of unemployment. If the minimum wage were set at $7.50, the market would still be able to reach equilibrium. C C In this labour market, a minimum wage of $10.00 would be binding. I: In the absence of price controls, a surplus puts upward pressure on wages until they rise to the equilibrium