Labor Demanded 360 Labor Supplied (Thousands of Thousands of 240 workers workers) WAGE (Dollars per hour) Demand N 0 60 120 180 240 300 360 420 480 540 600 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. 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 14 Upward True or False: A minimum wage above $10 per hour is not a binding minimum wage in Downward O True False