That's the hope, but it doesn't mean it will happen. There is no law that says you'll find a price point that keeps your business afloat: changing economic conditions can just tank your business; the less critical the good or service is, the more likely it is to happen.
Just because the stripper can no longer afford food doesn't mean that food sellers will be able to lower their price. Supply issues can't be solved by price changes.
Taken to the extreme, people will die of starvation until the population adjusts, so still in the long run demand and supply will meet at the price point.
But the people who were pocketing those higher profits and salaries back when gas prices went down, now do have room to cut prices though and still make money. It can't go both ways.
Anyway starving people still have labor to sell, which they will sell as cheaply as they have to, driving everyone's costs down and allowing them to cut prices after all.
The price of labor isn't the problem, and anyway it has a floor. No one will work for 1 dollar a day, even if it's theoretically still better than 0 (not if bread costs 2 dollars at least - of course there are countries with such low wages).
