2 . Minimum wage legislation The following graph gives the labor market for the fastfood industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the foiiowing questions. You wiil not be graded on any Changes you make it: this graph. Note: Once you enter a value In a white eld, the graph and any corresponding amoun's in each grey eld will change accordingly. Graph Input Tool {7) 20 T Market for Labor in the Fast Food Industry.r 15 + {-1. '- -. .- III Wage 5 1'5 * '3: Supply (Doiiars per hour) I: 1': " - Labor Demanded Labor Supplied 3 14 - .' (Hundreds of 17\" (Hundreds of 128 f . workers) workers ) m 12 - D. E 10 _ . ' E E a a .5 _ at 3 4 _ 2 _ D . i | . i i i I o 30 so so 120 150 180 210 240 2m 300 LABOR (Hundreds of workers} In this market. the equilibrium wage is S - per hour, and the eduilihrium quantity of labor is hundred workers. Suppose the mayor of Comhopolis introduces a legal minimum wage of $6 per hour. This type of price control is called a v . For each of the wages listed in the foii'owing' rahie, derennine the quail-lofty oriabor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence ofany price controis. lll'n'age Labor Demanded Labor Supplied (Dorian: per hour) (Hundreds of workers} (Hundreds of workers) Pressure on Wages a v 12 v True or False: A minimum wage below $10 per hour is not a binding minimum wage in this labor market. 0 True 0 False