The following graph shows the labor the fast-food industry in the fictional town of Supersize city. market Use the graph input tool to help you answer the following questions, Note: Once you enter a value in a white field, the graph and any corresponding amounts field will change accordingly. Graph input tool in each grey Market for Labor in the Fast Food Industry Wage Dollars per hour) Labur Supplied Labor Demanded (Thousands of workers) /2401 (Thousands of workers 360 per hour) 20 18 8 (Dollars wage! 111 In this Pemad 60 120 180 240 300 300 420 480 540 600 Labor (Thousands of workers) market, the equilibrium hourly ? J and the equilibrium ? thousand labor is senator introduces a hourly wage of control is called a floor, or quota wage is quantity of workers. Suppose bill to legislate $ 8. This type of 7 6 a minimum price price ceiling, Sopply tax, price For each of the listed in the woges following table, determine the quantity labor demanded, the quantity of labor Supplied, and the direction of of pressure. exerted wages. in the absence of any price controls. Labor Demanded Labor wage (Dollars per hour) (Thousand of workers Supplied (Thousands of workers! ? 14 ? U 6 ? ? True False Aminimum wage. above $10 or per hour is a in market. binding minimum wage O True ? O False pressure on wages 7 upward downward upward downward this