GAGE | MINDTAP . .. Module Four Quiz Q Search this course ? X The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Tools Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. A-Z Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (? 20 Market for Labor in the Fast Food Industry 18 Wage 6 16 (Dollars per hour) Supply Labor Demanded 500 Labor Supplied 0 (Thousands of (Thousands of NA workers) workers) WAGE (Dollars per hour) 00 Demand A N 8:16 ENG 2 8 D 7/20/20 33 W P qbO 53502464190243042516&eISBN=9780357133576&i... A CENGAGE | MINDTAP . . . Module Four Quiz Q Search this course X In this market, the equilibrium hourly wage is | $ , and the equilibrium quantity of labor is thousand workers. tudy Tools Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a A-7 Tips Tips For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied ( Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 True or False: A minimum wage above $10 per hour is not a binding minimum wage in this market. O True O False 8:16 PM ENG 8 7/20/202 33 W P qbModule Four Quiz Graph Input Tool Market for Labor Wage (Dollars per hour) Supply Labor Demanded (Thousands of workers) WAGE (Dollars per hour) Demand CO 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) 3