Wage Labor Demanded Labor Supplied Shortage or Surplus?

Complete Show more Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $6.00. Complete the following table with the quantity of labor supplied and demanded if the wage is set at $6.00. Then indicate whether this wage will results 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 100000 for 100 thousand workers. Wage Labor Demanded Labor Supplied Shortage or Surplus? Wage (Workers) (Workers) Shortage or Surplus? $6.00 Which of the following statements are true? Check all that apply. If the minimum wage is set at $6.00 the market will still be able to reach equilibrium. Binding minimum wages cause cyclical unemployment. In the absence of price controls a shortage puts downward pressure on wages until they fall to the equilibrium. In this labor market a minimum wage of $8.50 would be binding. Show less

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