Use the following to answer questions: 
-(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.
Definitions:
Fixed Costs
Costs that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one more unit of a good varies as production volume changes.
Diminishing Returns
A principle stating that as additional units of a variable input are added to a fixed input, the marginal product of the variable input eventually decreases.
Upward-Sloping
Describes a line or curve on a graph that moves higher on the y-axis as it moves to the right on the x-axis, typically used to describe a supply curve in economics.
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