When the price goes up, people buy less

I'm constantly amazed at the economic illiteracy of our government, news media, and the general public.

Ok class, say it with me:

"When the price of something goes up, people will buy less of it"

It's something we all deal with on a daily basis.

• When gasoline prices spike, people drive less.
• When airline prices go up, people fly less.
• When beef prices go up, people eat less beef.
• When home prices go up, people buy less houses.
• When the cost of a movie ticket goes up, people go to the movies less

It doesn't matter what the object or service is, when the price goes up, people tend to buy less of it. Common sense, right? People intuitively get this. No argument, no excuses, no "well, that's just one theory" -- people pretty much accept this as a true.

"When the price of something goes up, people will buy less of it"

So what do they think is going to happen when the cost of minimum wage labor goes up?

Anyone? Anyone? Bueller?