Write a response to the statement expanding on what is said "Binding minimum wages can have benefits as well as negative effects on employees. Governments enact minimum wages to basically protect workers, especially unskilled workers, from being underpaid or exploited. The idea of the minimum wage is to save people from slipping into poverty and improve their standard of living. In addition, a minimum wage reduces income inequality, which in turn empowers workers to be more productive and feel appreciated. Nevertheless, a minimum wage can be adjusted due to the standard of living of a society and its economic growth. However, there is a risk that many workers could lose their jobs, for example, when employers start reducing costs at the expense of their employees. In other words, as a reaction to that binding rule, they dismiss workforce, which leads to burdening the rest of the few retained workers more, or outsourcing jobs. It actually depends on the labor sector, which could proceed differently with the increase in wages. For example, if the health care area or any other sector has a shortage in labor, they would rather accept the change in wages and maybe pay higher than the equilibrium