CENGAGE | MINDTAP Aplia Homework: Bringing Supply and Demand Together Market for Labour in the Fast-Food Industry R Supply I Wage (Dollars per hour) Labour Demanded 406 Labour Supplied 210 (Thousands of (Thousands of Workers! workers) WAGE (Dollars par hour) 70 140 210 250 380 420 400 560 830 700 LABOUR (Thousands of workers) In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labour is workers. Suppose a member of Parliament 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 labour demanded, the quantity of labour supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labour Demanded Labour Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages True or False: A minimum wage below $10 per hour is a binding minimum wage in this market. (Economists call a minimum wage that prevents the labour market from reaching equilibrium a binding minimum wage.) O True False