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a, Demonstrate graphically the effect of a minimum wage law Instructions: First use the tool 'EQ' to identify the equilibrium wage. Then use the tool "Qp' to identify the quantity demanded of labor if the minimum wage Is $14. Finally, use the tool '@s' to identify the quantity supplied of labor if the minimum wage Is $14. Labor Market 20 Tools --Q Wage rate X Quantity of labor If the minimum wage is $14. the quantity demanded of labor is and the quantity supplied of labor Is . This minimum wage causes |(Click to select ] b. Does economic theory tell us such a law would be a bad idea? Economic theory tells us that such a law would be a good idea. It raises the wages of those who are employed. O Economic theory tells us that such a law would be a bad idea. It creates unemployment and wages that are higher than employees deserve. Economic theory does not tell us that such a law would be a bad idea. That depends on what one's goals are and how one judges the redistributional consequences of the minimum wage. Economic theory tells us that such a law would be a good idea. It means that employers would hire fewer employees and those employees would be more productive, making the economy more competitive with foreign economies