Question: Minimum Wage Explain in words and graphically how consumer surplus, producer surplus and total welfare changes when the minimum wage is removed. In your explanation,

Minimum Wage Explain in words and graphically how consumer surplus, producer surplus and total welfare changes when the minimum wage is removed. In your explanation, please interpret the components of the change in consumer surplus, producer surplus and total welfare. Also, what happens if the minimum wage is set below the free market price?

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