Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50. Which of the following statements are true? Check all that apply. Binding minimum wages increase the natural rate of unemployment. If the minimum wage were set at $9.50, the market would still be able to reach equilibrium. In this labor market, a minimum wage of $12.50 would be binding. In the absence of price controls, a surplus puts upward pressure on wages until they rise to the equilibrium.