OMore than 10000 hours, so 4 is above the equilibrium wage (b) What is the equilibrium wage? 04 ONone of these 03 06 05 (c) The government imposes a minimum wage at w=10. What is the unemployment rate? (To calculate your answer, you should assume that each worker either works 10 hours or 0 so the number of people employed is the number of hours divided by 10) 050% 00% O25% ONone of these 075%For the next three questions, assume that there are 1000 workers who always want to work 10 hours regardless of the wage (i.e. labor supply is fixed at 10000 hours). There is a single firm that takes the wage in the market as given and maximizes profits with production function given by Y - 1000_1/2 Where L is the number of total hours of work the firm hires. Assume that the price of consumption good is 1 so that real and nominal wages are equal. (a) If the wage is w=4, then the firm will want to hire OLess than 10000 hours, so 4 is below the equilibrium wage OMore than 10000 hours, so 4 is below the equilibrium wage OLess than 10000 hours, so 4 is above the equilibrium wage above the equilibrium wage