In theory, yes, but you have to remember that a business will make it's money regardless, whether it's from having less employees, paying them less per hour, or charging more for products/services. They will have a payroll budget.
What most people don't realize is that the amount of jobs isn't the only problem, or even the biggest. I saw a chart not too long ago that had how many hours a week at minimum wage you'd have to work per state to pay rent. My memory is crap, but I don't think there was a single state that was under 40, and a few were over 80. Having more people with lower paying jobs will create more problems than it will fix.