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T Price Supply + Demand 10 12 14 16 18 20 Quantity Suppose the graph above depicts the market for labor with the price representing

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T Price Supply + Demand 10 12 14 16 18 20 Quantity Suppose the graph above depicts the market for labor with the price representing the wage per hour and the quantity representing thousands of hours of labor. A minimum wage set at $16 would be considered and yield a of 12,000 hours. binding; shortage non-binding; shortage binding; surplus non-binding; surplus

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