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Suppose That the Market for Haircuts in a Community Is

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Suppose that the market for haircuts in a community is a perfectly competitive constant-cost industry and that the market is initially in long-run equilibrium.Subsequently,an increase in population increases the demand for haircuts.In the long run,firms will _____ the market,driving the price of haircuts _____ and the profits of individual firms _____.


Definitions:

Job Rotation

The practice of moving employees between different tasks or positions within an organization to increase versatility and reduce boredom.

Task Variety

The degree to which a job or role involves a wide range of different activities requiring various skills and knowledge.

Vertical Loading

Vertical loading is a management practice of delegating more authority and higher-level tasks to employees to enhance their skills and motivation.

Enlarge the Job

A method to enhance job satisfaction by increasing the variety and scope of tasks performed by an employee.

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