A polymer composition containing (a) a high impact polystyrene (HIPS) component with a block copolymer grafted to polystyrene, a rubbery conjugated diene content of one to seven weight percent based on HIPS weight, less than 10 weight-percent gel concentration, an average rubber particle size of between one and 0.01 micrometers, about 40 to about 90 volume percent of the rubber particles have diameters of less than about 0.4 microns and from about 10 to about 60 volume percent of the rubber particles have diameters between about 0.4 and about 2.5 microns, a majority of rubber particles with a core/shell morphology and a concentration that accounts for 10 to 70 weight-percent of the total polymer composition weight and one to five weight-percent rubbery diene based on total polymer composition weight; (b) from 10 to 70 weight percent of a general purpose polystyrene and from about 2 to about 80 weight-percent of a styrene block copolymer component, both based on total polymer composition weight. In a film, preferably oriented, wherein the polymer composition accounts for at least 95 weight-percent of the film, with the balance of the film or film composition weight being additives. Shrink labels are made from the film.