Minimum Wage May be Lowered in Colorado

Oh, my goodness! The NY Times reports today that the state's minimum wage "is set to drop 4 cents, to $7.24. Most workers will still get at least $7.25, the federal minimum." Read the story and explain how this happens - and what considerations go into assessing the ethical and legal issues. If you are an economics major, business or pre-law, this is a topic that you might find interesting.