. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0 150 300 450 600 750 900 1050 1200 24 21 18 15 12 9 6 3 0 WAGE (Dollars per hour) LABOR (Thousands of workers) Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) 3.00 Labor Demanded (Thousands of workers) 1,050 Labor Supplied (Thousands of workers) 150 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Wage Labor Demanded Labor Supplied Shortage or Surplus? (Thousands of workers) (Thousands of workers) $9.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00. Which of the following statements are true? Check all that apply. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium. In this labor market, a minimum wage of $9.00 is binding. If the minimum wage is set at $12.50, the market will not reach equilibrium. Binding minimum wages cause frictional unemployment.