Is Kailyn Simmons This question: 3 point(s) Submit test possible Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor market. Further suppose that you estimate the supply and demand functions for labor, where L stands for the quantity of labor (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour): Demand: LD = 100 -3W ms Supply: LS = 7W. First, calculate the free-market equilibrium wage and quantity of labor. The competitive market equilibrium wage is $|per hour. (Enter your response as an integer.) The competitive market equilibrium quantity of labor is |thousand workers. (Enter your response as an integer.) Now suppose the proposed minimum wage is $12. How large will the surplus of labor in this market be? With a minimum wage of $12 per hour, the surplus will be thousand workers. (Enter your response as an integer.) Next