The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City.For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls.please help Graph Input ToolMarket for Labor in the Fast Food Industry20I Wage(Dollars per hour)18616Labor Demanded(Thousands ofworkers)Labor Supplied(Thousands ofworkers)Supply900141210Demand290180 270 360 450 540 630 720 810 900LABOR (Thousands of workers)costWAGE (Dollars per hour) In this market, the equilibrium hourly wage is sand the equilibrium quantity of labor isthousand workers.Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called aFor each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction ofpressure exerted on wages in the absence of any price controls.WageLabor DemandedLabor Supplied(Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages128True or False: A minimum wage above $10 per hour is a binding minimum wage in this market.TrueFalse

Equilibrium in a Labor Market: The labor market is in equilibrium when the total supply of workers…

In this market, the equilibrium hourly wage is S ], and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. 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, and the direction of 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) Pressure on Wages 12 8 True or False: A minimum wage above $10 per hour is a binding minimum wage in this market. True False