Question: Explain in words and graphically how consumer surplus, producer surplus and total surplus change when the minimum wage is removed. Assume the minimum wage is

Explain in words and graphically how consumer surplus, producer surplus and total surplus change when the minimum wage is removed. Assume the minimum wage is above the free market price. In your explanation please interpret the components of the changes in consumer surplus, producer surplus and total surplus; i.e. what each component represents. What happens if the minimum wage is set below the free market price?

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