This road sign means:

You must come to a complete stop and yield the right-of-way.
Lane reduction ahead.
Slow down and yield to traffic on main road when merging.
Always come to a complete stop.
Explanation

A YIELD sign indicates that you must slow down and be ready to stop, if necessary, to let any vehicle, bicyclist, or pedestrian pass before you proceed. When you see this sign, you must slow down and yield the right-of-way to traffic in the roadway you are entering or the intersection you are crossing.

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