The graph represents the parking fees at a mall parking lot.

On a coordinate plane, a graph titled Parking Fees shows time in hours on the x-axis and cost in dollars on the y-axis. A piecewise function has 3 lines. The first line has an open circle at (0, 2) and continues horizontally to a closed circle at (1, 2). The second line has an open circle at (1, 4) and continues horizontally to a closed circle at (4, 4). The third line has an open circle at (4, 6) and continues horizontally to (8, 6).
What does the point (1, 2) represent?

Parking costs $1 per hour for the entire day.
Parking costs $2 per hour for the entire day.
The total cost of 2 hours of parking is $1.
The total cost of 1 hour of parking is $2.