Everyone talks about it. This is pretending that businesses would do nothing in response to the changes. They'd do a lot of stuff, like raise prices, invest in efficiency improvements, invest in their employees, reduce employee hours, offset the increase in lower level wages by reducing upper level wages, etc.. What the response would be just depends on the business and their circumstances.

Edit: also, I can't find the study, but I know there was one done about statewide minimum wage changes in states with large differences in cost of living. It's a smaller scale version of what you'd see on a nationwide hike given the differences in cost of living (i.e,, NYC vs Buffalo). Generally speaking, businesses adjusted.

E2: here's a study that isn't the one I was looking for, but is topical: https://www.epi.org/publication/webfeatures_viewpoints_raisi...