Yes, they would pay the free market wage, if it allows them to make a profit. If not, they would go out of business.
“Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker’s productivity worth that amount—and, if it is not, that worker is unlikely to be employed.”
― Thomas Sowell, Basic Economics: A Citizen’s Guide to the Economy
https://www.youtube.com/watch?v=FRpIglGRMlg
There would be a Marxist revolution and capitalism would kill itself.
PS: Most Free Republic businsess heroes do NOT believe in a free market for labor. They think that specic jobs should pay a certain amount and not any more.....