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Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a quota tax For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor price ceiling the direction of pressure exerted on wages in the absence of any price controls. price floor Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 6 14 True or False: A minimum wage above $10 per hour is a binding minimum wage in this market. True O False