Bill raising federal minimum wage to $15 heads to U.S. House floor The bill to gradually raise the federal minimum wage to $15 from $7.25 by 2024 has cleared a legislative hurdle that sets it up for a vote by the House of Representatives in the coming weeks. What will be the effects of a $15 an hour minimum wage? If the minimum wage rate of $15 is above the equilibrium wage rate, then setting the minimum wage at $15 an hour will _______. A. create an efficient labor market B. minimize the resources used in job search C. increase employment and eliminate any deadweight loss D. increase unemployment and create a deadweight loss E. increase the number of low-skilled jobs available