In this market, the equilibrium hourly wage is $ and the equilibrium quantity of labor is thousand workers, Suppose a senator introduces a blil to legislate a minimum hourly wage of $6. This type of price control is called a 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 below $10 per hour is a binding minimum wage in this market O True O False"CENGAGE | MINDTAP Q. Search this course Module Four Quiz X 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. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. E Graph Input Tool (?) Market for Labor In the Fast Food Industry I Wage Supply (Dollars per hour) Labor Demanded Labor Supplied Thousands of WAGE (Dolars per hour) 40 10 120 10 209 240 280 130 300 870 LABOR [Thousands of workers) 940 25AM