Use the Following to Answer Questions -(Table: Cherry Farm)Use Table: Cherry Farm

question 329

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Cherry Farm }\\\begin{array} { c c } \hline \begin{array} { l } \text { Quantity of } \\\text { cherries } \\\text { (in pounds) }\end{array} & \text { Total Cost } \\\hline 0 & \$ 2 \\1 & 7 \\2 & 11 \\3 & 13 \\4 & 16 \\5 & 21 \\6 & 28 \\7 & 38 \\\hline\end{array}\end{array}$$
-(Table: Cherry Farm) Use Table: Cherry Farm.Suppose there are 100 farms in this industry with identical cost curves,as shown in the table.If the price is $6 per kilogram:

• A) firms will enter the industry.
• B) firms will exit the industry.
• C) the industry is in long-run equilibrium.
• D) the industry has minimized average total cost.

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Definitions:

Ratchet

A mechanical device that allows continuous linear or rotary motion in one direction while preventing motion in the opposite direction.

IFI Fastener

An IFI fastener refers to a fastening device that adheres to standards set by the Industrial Fasteners Institute, often indicating a specific quality or dimensional guideline.

Radial Marks

Visible lines or marks on a component, such as a brake disc, indicating radial movement or stress which may suggest potential failure points.

Grade Fastener

A classification system for fasteners, such as bolts and screws, indicating their material strength and durability.