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Which of the following statements best describes the minimum wage? It is aprice ceiling that decreases producer surplus as compared to the free market equilibrium

Which of the following statements best describes the minimum wage?

It is aprice ceiling that decreases producer surplus as compared to the free market equilibrium price and output.

It is aprice floor that decreases producer surplus as compared to the free market equilibrium price and output.

It is aprice floor that decreases consumer surplus as compared to the free market equilibrium price and output.

It is aprice ceiling that decreases consumer surplus as compared to the free market equilibrium price and output.

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