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This video demonstrates how to graph a minimum wage or price floor on a standard supply and demand graph in a labor market. The demand is from firms seeking labor, while the supply is from individuals willing to work for a wage. The minimum wage is a government-mandated price floor that prevents wages from falling below a certain level. This can result in three outcomes: a minimum wage above equilibrium causing a surplus of labor, a minimum wage at equilibrium leading to no change, or a minimum wage below equilibrium causing a shortage of labor.