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CB ng.cengage.com C + D2L Cengage MindTap - ECON-2302-90L-Summer II 2025 Mind Tap - Cengage Learning Chat Thread CENGAGE |MINDTAP Q Search this course ? Homework: Chapter 04 X LaDoI Demanueu 14 300 Labor Suppneu 200 Thousands of Thousands of workers) workers 12 A-Z WAGE (Dollars per hour) 10 07 00 E Demand A N EI 0 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers bongo In this market, the equilibrium hourly wage is $10 , and the equilibrium quantity of labor is 250 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 A+ ? For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. C+ Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 14 350