Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool ? 24 Market for Labor Supply I Wage (Dollars per hour) 3.00 Labor Demanded 1,050 Labor Supplied 150 (Thousands of (Thousands of workers) workers) WAGE (Dollars per hour) Demand 0 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $9.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $9.00. Which of the following statements are true? Check all that apply. If the minimum wage is set at $12.50, the market will not reach equilibrium. Binding minimum wages cause frictional unemployment. O In this labor market, a minimum wage of $9.00 is binding. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium