> Because if everyone raises their prices, the wage increase then effectively makes no difference. Depends heavily on specifics. Like, which goods and services

> Because if everyone raises their prices, the wage increase then effectively makes no difference. Depends heavily on specifics. Like, which goods and services? How much of someone's purchases do they represent? Are they substitutable? Restaurants deal in the substitutable and minority part. The relationship between per-unit price and labor cost per unit also matters quite a bit. If labor costs per unit are small, it may not take a big per-unit price bump in order to give labor a substantial raise.