Use the following to answer questions: 
-(Table: Cherry Farm) Look at the table Cherry Farm. If Hank and Helen have one of 100 identical farms in the perfectly competitive cherry industry, explain how Hank and Helen and the industry will react in the short run and the long run to a price of $8 per pound for cherries.
Definitions:
Market System
An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Private Property
A legal designation for the ownership of property by individuals or businesses, not by the state or government.
Government Ownership
The scenario where the government owns and operates business enterprises, typically in key sectors like transportation or utilities.
Private Property
Refers to land, buildings, or possessions owned by individuals or entities and not by the government or public organizations.
Q33: (Table: TC's Pizza Parlor) Look at the
Q42: (Table: Marginal Analysis of Sweatshirt Production I)
Q144: Goods and services purchased from abroad are
Q180: If Japan must give up the production
Q185: (Figure: The Profit-Maximizing Firm in the Short
Q191: The job creation argument for protection against
Q211: (Figure: The Production Possibilities for Two Countries)
Q238: (Figure: Costs and Profits for Tomato Producers)
Q260: Suppose the United States auctioned off all
Q292: The assumptions of perfect competition imply that:<br>A)