Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I Wage 8 16 Supply (Dollars per hour) Labor Demanded 600 Labor Supplied 368 14 (Hundreds of (Hundreds of workers) workers) 12 10 WAGE (Dollars per hour) CO Demand O 0 80 160 240 320 400 480 560 640 720 800 LABOR (Hundreds of workers)In this market, the equilibrium wage is $10 per hour, and the equilibrium quantity of labor is 400 hundred workers. Suppose the mayor of Combopolis introduces a legal minimum wage of $8 per hour. This type of price control is called a _price floor V . 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) (Hundreds of workers) (Hundreds of workers) Pressure on Wages 14 6 True or False: A minimum wage above $10 per hour is a binding minimum wage in this labor market. O True O False