(Solved): Consider the labor market defined by the supply and demand curves plotted on the following graph. ...

Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at \( \$ 12.50 \). Then indicate whether this wage will result in 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. Suppose the federal government contemplates a new law that would create a national minimum wage of \( \$ 12.50 \) per hour. Which of the following statements are true? Check all that apply. In the absence of price controls, a surplus puts upward pressure on wages until they rise to the equilibrium. Binding minimum wages increase the natural rate of unemployment. In this labor market, a minimum wage of \( \$ 12.50 \) would be binding. If the minimum wage were set at \( \$ 9.50 \), the market would still be able to reach equilibrium.