That might just mean more competition is created as there's a bigger market to chase. Minimum wage has the same risk as the one you mentioned, but also all but

That might just mean more competition is created as there's a bigger market to chase. Minimum wage has the same risk as the one you mentioned, but also all but guarantees higher prices (particularly on labour-intensive goods such as food) as everyone's wage needs to go up to make the harder/worse jobs worth doing.