LIBRARY G american.coursearc.com ers to Trade and the Underground Economy Raising the Wage Floor: Summary & Quiz The graph below shows a labor market. Illustrate how employment shrinks with an increase in the minimum wage. First, use the segment tool to add a minimum wage at $6. Choose one endpoint on the vertical axis at the second at 8 million workers. Second, use the point tool to indicate employment at the minimum wage of $6. Use the label tool to label it "Quantity Demanded." (Labels are case sensitive. Third, use the segment tool to add a minimum wage of $7. Forth, use the point tool to indicate employment at the minimum wage of $7, and use the label tool to name it "New Quantity Demanded." + Move Point Segment Label Undo Redo x Reset real wage 8 Supply 5 Demand quantity of labor (millions) 2 3 5 6