(i) (ii) (iii) (1V) ('0 Identify equilibrium wage and quantity W=12, Q=4000 What happens to the market wage if a trade union restricts the supply of labor hours to 3800'? W=14 Identify new equilibrium price and quantity if a minimum wage law is enacted for Wage = 16 euros an hour. NUMBER OF AVAILABLE JOBS, Q=3500,AND 1000 UNEMPLDYED Suppose that the labor trade union wants to maximize the revenues of all workers. Which wage and quantity of labor hours supplied should the trade union propose? W=16 REVENUE 16 X 3500 =56000 What would be the effects in the labor market of a law that imposes a price ceiling W=10? Price ceilings are observed in Venezuela to minimize ination. IT CREATES A SHORTAGE= 1200