The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $5 per hour. Show the impact on the graph if a minimum wage of $7 per hour is enacted. 1.) Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $7 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $7 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. According to the graph, when the minimum wage is set at $7 per hour, there will be workers in this market. unemployment of A. structural; 4 million. B. frictional; 4 million. C. structural; 2 million. D. frictional; 2 million. The losers when the minimum wage is $7 would be (Check all that apply.) A. low-skill workers who lose their jobs due to a lack of demand for workers. B. low-skill workers who find other employment or who are able to keep their current employment. C. low-skill workers who now cannot find jobs due to increased competition for jobs. D. firms that hire low-skill workers at the new wage. C Wage 14- 12- 10- 8- 7 6- 4- 2- Labor supply Labor demand 4 5 6 7 8 9 10 Quantity of labor (millions) Q