Standard economic theory predicts that a price floor, such as minimum wage, would cause a relative surplus in the good: too few of the good is demanded and too much supplied. The logic is that minimum wage would likely cause layoffs (or higher unemployment) then would occur outside of the price controls. And yet, for all the theorizing, whenever minimum wage is raised, the negative consequences are usually negligible (or, sometimes, non-existent). Why is this? To the economically uninformed, this would suggest there are no consequences to hiking the wage. To the economically-informed, there are a preponderance of explanations, ranging from monopsony power, to rearranging compensation, to attrition. Allow me to humbly offer one more explanation.
Here is a chart of your standard price floor analysis. The biggest thing to take away here is that the minimum wage is set above the equilibrium wage. That
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Utopia, you are standing in it! 
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