Quite possible, yes. Many people may not be too excited to take huge pay cuts, just due to the cognitive biases at play which make it look like a loss or downgrade of their value - even if they come out at the end with the same amounts.

And of course, you'll have people on either ends of the spectrum, with no clearcut, predictable responses from all people. Some may refuse to work for less than minimum wage out of principle - though some will continue to work just because they enjoy being of service in their jobs.