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Market for Labor in Fast Food Industry
Wage $ 6.00 ( per hr) Labor Demand 800 ( Thousands of workers) Labor Supplied 336 ( Thousands of workers)
In this market, the equilibrium hourly wage is _____________________ and the equilibrium quanity of labor is ______________ thousands of workers.
Suppose a sentor intriduces a bill lehistlate a mininmum hourly wage of $8. This type of price control is called a _________________________.
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 ( dollars per hour) Labor Demanded ( thousands of workers) Labor Supplied ( thousands of workers) Pressure on Wages
14 ______________ _________________
6 _____________ ________________
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