Part 1 - Check Your Understandin Complete the queslions based on the graph below. Wages and Labor $5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 .50 0 WAG E RAT ES 100 200 300 400 500 600 700 800 900 1,000 QUANTITY OF LABOR 1. What is the equilibrium wage in this labor market? 2. How many workers will be hired in this labor market? 3. If a minimu mwage law raises the minimum wage to $4.00 an hour, what quantity of labor will be supplied? 4. At a minimum wage of $4.00 an hour, what quantity of labor will be demanded