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Matth&' v My Home Courses Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback CENGAGE I MINDTAP Homework (Ch 1 5) 125 250 375 500 625 750 875 'COO LABOR (Thousands 01 workers) Complete the following table with the quantity of labor supplied and demanded if the wage js set at $12.50. rhen indicate whether this wage will result 'n 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 100 for 100,000 workers. Q Search this course o A-Z Labor Demanded Labor Supplied Wage (Thousands of workers) ( Thousands of workers) Shortage or Surplus? Suppose a senator considers introducinq a bill to legislate a minimum hourly wage of $12.50. Which Of the following statements are true? Check a/' that apply. C) Ifthe minimum wage is set at $12.50, the market will not reach equilibrium. C) In this labor market, a minimum wage of $9.50 would be binding. C) In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium. C) Binding minimum wages cause structural unemployment. Grade tt Now Save & Connue Continue without saving