That price is nearly double what we would charge for the same work at our facility, but a number of factors are at play here:
Hourly rate- The shop's hourly rate is dictated by such things as land value (which translates to cost of building ownership), local tax rates, local market rates, etc... A shop in Oklahoma may charge a very different labor rate than the same quality of shop located in downtown Chicago.
Hours quoted- Various shops bill very differently. If the shop is charging "book time" for the job, they might be billing you at 8-10 hours for the suspension install. If the shop is charging you "actual time", they might bill you for only 4-5 hours.
Alignment- Is the shop performing an alignment, and including that in the price? Some shops account for 2-3 hours for a proper alignment, so this may be a factor as well.
If the shop is including an alignment in their bill, they might be accounting for 6-7 hours of total work, putting their labor rate at $100~$110 per hour. This might be in line with what other good shops in the area are charging, or it may be far higher. That's the trick to finding the answer to your question. You might ask your shop what their hourly rate is, how many hours they plan on spending on your work, and whether or not they are including an alignment, to help you get a more clear picture.
Hope that helps!