The minimum wage is an example of a price floor. As you've seen, price floors should have a surplus.

The minimum wage is an example of a price floor. As you've seen, price floors should have a surplus. Do you think the plan to increase the minimum wage in Chicago to $13 per hour will have a significant level of surplus labor? Have we already seen such a surplus? Is the benefit of the higher wage worth the cost to the city? Should the city continue with this plan? Explain your answers, using personal observation or data to support your opinions.