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Help having trouble finding the labor demand and labor supplies. The graphs is confusing me a bit added picture. Please let me know if you

image text in transcribed

Help having trouble finding the labor demand and labor supplies. The graphs is confusing me a bit

added picture. Please let me know if you need anything else

image text in transcribedimage text in transcribed
Module Four Quiz X In this market, the equilibrium hourly wage is $10 , and the equilibrium quantity of labor is 400 thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a price floor 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 6 14 True or False: A minimum wage above $10 per hour is a binding minimum wage in this market. O True O FalseNote: 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 Supply Wage 8 (Dollars per hour) Labor Demanded 480 Labor Supplied 320 (Thousands of (Thousands of workers workers) WAGE (Dollars per hour) Demand 80 180 240 320 400 480 580 640 720 800 LABOR (Thousands of workers)

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