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.   Wage Labor Demanded Labor Supplied Pressure on Wages (Dollars per hour) (Hundreds of workers) (Hundreds of workers) 12 downward or upward 8 downward or upward

Economics Suppose that Congress passes a law requiring employers to provide employees some benefit (such as healthcare) that raises the cost of an employee by $3 per hour. Assume that firms were not providing such benefits prior to the legislation. On the following graph, use the green line (triangle symbel) to show the effect this employer mandate has on the demand for labor. Demand Supply 20 18 New Demand 10 14 12 New Supply 10 Equilibrium Before Law Equilibrium After Law 0 1 2 5 10 Quantity of Labor (Thousands) Suppose employees place a value on this benefit exactly equal to its cost. On the preceding graph, use the purple line (diamond symbol) to show the effect this employer mandate has on the supply of labor. Suppose the wage is free to balance supply and demand. Use the black point (plus symbol) to indicate the eauilibrium wage and level of employment before this law, and use the grey point (star symbol) to indicate the equilibrium wage and level of employment after this law is…

Hourly Wage (dollars) $8.00 8.50 9.00 9.50 10.00 10.50 Quantity of Labor Supplied 350,000 360,000 370,000 380,000 390,000 400,000 Quantity of Labor Demanded 390,000 380,000 370,000 360,000 350,000 340,000

How does the minimum wage affect the price and quantity of goods