1. Use a graph to explain the impact that might be caused by a newly imposed minimum wage set above the equilibrium wage in a labor market. (10 points)

(b) Frisbee manufacturers persuade the government that Frisbee production improves scientisls understanding of aerodynamics nnd is thus important for national security. A concerned Congress votes to impose a price floor $2 above the equilibrium price. What is the new market price?___________ How many Frisbees are sold?