Final answer:
While historically minimum wage laws in the U.S. set wages near the equilibrium level for low-skill labor, not greatly affecting supply and demand, significant increases could disrupt this balance, leading to potential unemployment.
Step-by-step explanation:
The statement that most U.S. workers have wages well above the legal minimum, so minimum-wage laws do not prevent the wage from adjusting to balance supply and demand, can be seen as true to a certain extent. Historically, the minimum wage in the U.S. has been set close to the equilibrium wage for low-skill labor, which means it did not widely disrupt the balance of supply and demand, because it did not significantly exceed the market's natural wage level for these jobs.
However, as minimum wage laws evolve, such as many U.S. states moving towards a $15 per hour minimum wage, the impact on employment could change significantly. If the minimum wage increases dramatically, to the point where it exceeds the equilibrium wage substantially, it could create an excess supply of labor—essentially an excess of workers willing to work at that wage compared to the number of workers employers are willing to hire.
It's important to note that while higher wages might benefit workers who remain employed, it can lead to a reduction in the quantity demanded by employers, resulting in potential unemployment for others.