Final answer:
A $15 minimum wage law could reduce economic freedom by creating an excess supply of labor, potentially leading to unemployment if the minimum wage exceeds the equilibrium wage for low-skill labor.
Step-by-step explanation:
Implementing a $15 minimum wage law would influence economic freedom by setting a price floor in the labor market. If this new minimum wage is above the equilibrium wage for low-skill labor, it can lead to a reduction in the quantity demanded of employment, potentially resulting in an excess supply of labor (unemployment).
Historically, minimum wage laws set close to the equilibrium have caused minimal impact on employment. However, a significant increase to $15 per hour could lead to larger effects such as higher operation costs for employers and decreased hiring, especially affecting businesses employing low-skill workers.
On the other hand, workers who retain their jobs would benefit from higher incomes. The overall impact on economic freedom largely depends on the balance between higher wages for some workers and potential job losses for others.