A yield sign means:

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Stop if you can.
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Go. The light will soon be red.
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Stop.
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If the way is clear, you may move forward slowly without stopping.
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Explanation
Yield signs warn drivers that they are approaching an intersection where they do not have the right-of-way. Drivers must slow down and come to a stop if there is a vehicle, bicycle, or pedestrian in their path. If the road is clear, they may proceed without stopping.
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