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 $3, in the short run the industry will supply _____ pounds.
Definitions:
Equilibrium Price
The market price at which the supply of an item equals the demand for it, leading to a stable market condition.
Black Markets
A market that operates outside the legal system in which either illegal goods are sold or legal goods are sold at illegal prices or terms.
Black Markets
Illicit trade practices where goods or services are sold illegally, either because they are prohibited or to avoid taxation.
Legal Markets
Markets where the trading of goods and services takes place within the framework of laws and regulations established by a government.
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