(a). In this market, the equilibrium hourly wage is $________, and the equilibrium quantity of labor is _______  thousand workers. (b). Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a _________ (options: quota, price ceiling, tax, price floor).

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Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.