Graph Input ToolMarket for LaborWage(Dollars per hour)Labor Demanded(Thousandsof workers)Labor Supplied(Thousands of workers)Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. 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.workers)Demand Supply 2.50WageLabor DemandedLabor SuppliedShortage or Surplus?(Thousands ofworkers)(Thousands ofworkers)$7.50625375Shortage Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $7.50.Which of the following statements are true?Check all that apply.
5. Minimum-wage laws and unemploymentConsider the market for labor depicted by the demand and supply curves that follow.Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.020040060080010001200140016001614121086420WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply 2.50