Consider the market for labor depicted by the demand and supply curves that follow.
![](https://docs.google.com/drawings/u/0/d/szGa2PhRs3dlQS1gHsUHKSQ/image?w=624&h=551&rev=26&ac=1&parent=1csp_D8Qb6EHrPxFfH2ul8v6NqIHDrL6-Aj59OE_j1cQ)
Complete the following table with the quantity of labour supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus.
Wage Labor Demanded Labor Supplied Shortage or surplus
(Dollars per hour) (Thousands of workers) (Thousands of workers)
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.
Which of the following statements are true? Check all that apply.
1. In the absence of price controls, a surplus puts downward pressure on wages until they fall to the equilibrium.
2. In this labour market, a minimum wage of $11.50 would be binding.
3. If the minimum wage is set at $15, the market will not reach equilibrium.
4. Binding minimum wages cause structural unemployment.