Table 4-4 Hourly Wage (dollars) Quantity of Quantity of Labor Labor Supplied Demanded $8.00 350,000 390.000 8.50 360,000 380,000 9.00 370.000 370,000 9.50 380,000 360,000 10.00 390,000 350,000 10.50 400.000 340.000 Table 4-4 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. Refer to Table 4-4. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor? W = $8.00; Q = 390,000 O W = $8.50; Q = 400,000 O W = $9.50; Q = 420,000 O W = $9.00; Q = 410,000