PLEASE ANSWER HIGHLIGHTED AREAS AND EXPLAIN IN LAYMAN'S TERMS.

PLEASE ANSWER ALL AND NOT JUST SOME

2 . Minimum wage legislation The following graph shows the labor market in the fast-food indumby is the fictional town of Superice City. Use the graph input tool to help you aunew the following questions. You will not be graded on any charges you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Labor in the Fast Food Industry Supply IWare 8 Labor Demanded 120 Labor Supplied 60 Thowand of worked WAGE (Dollars per hour) 20 40 60 10 160 128 140 160 180 200 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a price floor tax quota price ceiling T - L ... P..--12-4 For each of the wages hinted is the following table, determine the quantity of later demanded the quantity of labor supplied and the dievcion of youstare averted on wages in the alsauce of and price controls Labor Demanded Labor Supplied Upward (Dollars par how) (Thousands of worker) (Thousands of worker Pressure on Wages Downward Upward True or False: A minimum wage above $10 per hour is a bit minimum wage in Downward O True False