1.
Reference: Ref 12-20
(Table: Cherry Farm) Look at the table Cherry Farm. If Hank and Helen have one of 100 farms in the
perfectly competitive cherry industry and if the price is $5, in the short run the industry will supply _____
pounds.
a. 200
b. 500
c. 400
d. 100
2.
Reference: Ref 12-20
(Table: Cherry Farm) Look at the table Cherry Farm. If Hank and Helen have one of 100 farms in the
perfectly competitive cherry industry and if the price is $4, in the short run the industry will supply _____
pounds.
a. 400
b. 600
c. 200
d. 700
3.
Reference: Ref 12-20
(Table: Cherry Farm) Look at the table Cherry Farm. At what price will the industry be in long-run
equilibrium?
a. $4
b. $2
c. $3
d. $5
