Question

The following graph shows the lebor market in the fast-food industry in the fictional town of Supersize City Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. will not be you enter a value in a white field, the graph and any corresponding amounts in each grey field will change ng amounts in each grey field will change accordingly Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I W per hour) Labor Demanded Thousands of workers) 14 368 (Thousands of workers) 10 0 80 160 240 320 400 480 580 640 720 800 LABOR (Thousands of workers) ), and the equilibrium quantity of labor is In this market, the equilibrium hourly wage is S thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a O Type here to search

Answer 1