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 Su lied 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, suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor? O w = $11.50; Q = 610,000 0 w = $8.50; Q = 550,000 0 w = $8.50: 0 = 630.000 Hourly Wage Quantity of Labor Quantity of Labor dollars Su lied 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 Page 3 11.50 610,000 570,000 12.50 630,000 550,000 Refer to the above table, suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor? O w = $11.50; Q = 610,000 0 w = $8.50; Q = 550,000 0 w = $8.50; Q = 630,000 O w = $12.50; Q = 550,000