<span>Reduction in a nation's labor force would long-run aggregate supply curse to the left, representing a reduction in labor. This would tend to drive up labor costs over time. Presumably, the demand curve would remain static in the short-term.
However, such a reduction would also impact the nation's consumption and thereby reduce the demand for products. This would in turn drive a decreased demand for labor (leftward shift) and apply downward pressure to wages.
The answer to this depends on whether the questions is regarding short-term, medium-term or long-term labor supply/demand curve.</span>
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I think the answer should be "Personal appeals". It is a<span>n influence tactic in which the requestor asks for something based on personal friendship or loyalty</span>
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Answer:
keep producing in the short run but exit the industry or go out of business in the long run
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm should shut down in the short run if price is less than average variable cost. But since the diner's price is greater than average variable cost, it should continue production.
A firm should exit the industry in the long run if price is less than average total cost. the diner's price is less than average total cost, so it should shut down in the long run
