Suppose that a perfectly competitive industry is in long-run equilibrium. Every firm is producing at minimum average total cost, and all firms are identical. Demand in this industry decreases. Which of the following will not occur in the short run?A. Firms will produce less. B. Firms will exit the industry. C. The price will fall. D. The industry will produce less. E. Profits will be negative.

Skychefs, inc. prepares in-flight meals for a number of major airlines. one of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. during the most recent week, the company prepared 4000 of these meals using 960 direct labor hours. the company paid these direct labor workers a total of $19,200 for this work, or $20.00 per hour. according to standard cost card for this meal, it should require 0.25 direct labour-hours at a cost of $19.75 per hour.1. what is the standard labor-hours allowed (sh) to prepare 4,000 meals? 2. what is the standard labor cost allowed (sh x sr) to prepare 4,000 meals? 3. what is the labor spending variance? 4. what is the labor rate variance and the labor efficiency variance?