Answer the following two questions below

What represents the number of jobs lost by raising the wage to $12 when the market price is $10? Wage (Whour] 200, $10) 1200 1600 Quantity of Labor (# of workers The distance from the equilibrium (1,200 workers) to the quantity of labor demanded at the higher price (700 workers). The distance of the surplus at the higher price! The distance from the equilibrium (1.200 workers) to the quantity of labor supplied at the higher price (1,600 workers). Hide hint for Question 11 Remember, you have a quantity of workers demanded at $10 (equilibrium) and a different quantity demanded at the higher price of $12 (min. wage price). Question 12 (0.35 points) Listen The implications of the previous question is that, how many jobs are lost due to increasing the minimum wage depends on:" 1. is the minimum wage higher than the market equilibrium 2. how much above the market equilibrium are the minimum wages set AND 3. the elasticity of demand for labor. O True False