The below table shows the demand and supply schedules for the labor market in the city of AAA. Hourly Wage Quantity of Labor Quantity of 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 12.50 630,000 550,000 Refer to the above table, if a minimum wage of $11.50 is mandated, there will be a O surplus of 40,000 units of labor. shortage of 20,000 units of labor. O shortage of 40,000 units of labor. surplus of 20,000 units of labor.Consider a chemical plant that discharges toxic fumes over a nearby community. To reduce the emissions of toxic fumes the firm can install pollution abatement devices. The figure below shows the marginal benefit and the marginal cost from reducing the toxic fumes emissions. Marginal benefit and marginal costs in S Marginal abatement cost Po Marginal benems of reducon 0 8 9 10 11 12 125 Reductions in toxic fumes emissions (millions of tons per year) Suppose the emissions reduction target is currently established at 8 million tons. What is the area that represents the cost of eliminating an additional 1 million tons