In this market, the equilibrium hourly wage is , and the equilibrium quantity of labor is Suppose a senator introduces a bill to legislate a minimum hourly wage of $12 per hour. This type of price control is called a For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) 12 8 O True thousand workers. O False Pressure on Wages True or False: A minimum wage below $10 per hour would prevent the labor market from reaching equilibrium. price floor. tax quota price ceiling tion of

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