o Consider a scenario where the government sets a price floor on wages (minimum wage) above the market equilibrium. The equilibrium wage rate is $6.00 per hour, with demand and supply of labor at 400 units. o The government sets a price floor at $6.75, leading to a labor supply of 500 units and a demand of 300 units. o Calculate the surplus of labor (unemployment) created by the price floor. o On a graph, illustrate the equilibrium wage, price floor, and mark the quantities of labor demanded and supplied. Highlight the deadweight loss.