Table 4-4 Hourly Wage Quantity of Quantity of Labor Labor (dollars) Supplied Demanded $7 50 530,000 650,000 8.50 550,000 630,000 9.50 570,000 610,000 10.50 590,000 590,000 11.50 610,000 570,000 1250 630,000 550,000 Table 4-4 shows the demand and supply schedules for the labor market in the city of Pixley. Refer to Table 4-4. If a minimum wage of $11.50 is mandated, there will be a O surplus of 40,000 units of labor. O shortage of 40,000 units of labor. shortage of 20,000 units of labor. O surplus of 20,000 units of labor