Quote:So businesses aren't allowed to try and make as money as possible within the confines of the law?


It's simple logic. Business A sells product A. To make product A, they need product B. Product B experiences a price increase due to varying factors (pick one you can't lose). Business A faces a choice; lose profit, or transfer the cost elsewhere. E.g. the customer. Now, if you're a private business who is very customer oriented, hey you may be altruistic and decide for now you don't want to raise cost to your customer. Or your profit margin may be razor thin (for instance a restaurant), and you're not running a business just to give away product. As a business owner you want to make money still, not just break even. Now if you're a large corporation with shareholders to answer to , the choice is easy. Businesses want to make money. That's life. Don't like the price, don't buy it

 

This is 100% accurate.  To say that a business owner raises a price because they can instead of being forced to is asinine. 

 

If I make salads for a living and all the sudden the price of lettuce increases, I'm going to have to raise the prices on salads.  It's either make the customer happy and go out of business or raise the prices and give customers a good product.

 

My guess is that if the minimum wage spikes to that level, you will see a lot more automation from companies.  People will order with touch screen, the cooking and putting things together will become automated.  So people will be making money, with the risk of losing a good portion of the work force.  Pay a little bit of extra money for automation now to save a lot of money in the future.

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