3. Consider the market for unskilled labor (entry-level positions in industries such as retail and fast food). Businesses are the demanders of labor. Households are the suppliers of labor. a. Briefly discuss the assumptions you should make about business and household behavior. How sensitive is each side of the market to wage changes? b. Graph the initial market equilibrium. Label all important points. c. Now suppose the government passes a minimum wage law. The minimum wage is set above the market equilibrium wage. What happens? Accompany your explanation with a graph. Label all important points. d. Do you expect this policy to make workers better off? Why or why not