This is question 2 of 3, please explain everything so I could understand the pro

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This is question 2 of 3, please explain everything so I could understand the process of problem. there is two other qustions if need extra points that are easy do other problems as well.

In this market, the equilibrium hourly wage is ,and the equilibrium quantity of labor is workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $10. This type of price control is called a . At a wage of $10 per hour, the quantity of labor firms will demand is workers, while the quantity of labor workers will supply is workers. Therefore, there will be of workers in this market. In the absence of any price controls, this would exert pressure on wages until the labor market achieves equilibrium. However, with a price control in place, the labor market may or may not be able to reach its equilibrium. (Economists call a minimum wage that prevents the labor market from reaching equilibrium a binding minimum wage.) In this particular case, the minimum wage of $10 per hour prevent the market from reaching the equilibrium you found before. Two senators introduce competing bills that would set the minimum wage at $5 or $11 per hour. Which of these minimum wages would be binding? Check all that apply. $11 per hour $5 per hour Minimum wage legislation The following graph depicts the market for labor. The downward-sloping (blue) line represents demand, and the upward-sloping (orange) line represents supply. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Tool tip: Use your mouse to drag the horizontal green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You also can directly change the value in the box with the white background by clicking in the box and typing. When you click the Calculate button, the graph and any related values will change accordingly.

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