(Table: Cherry Farm) Use 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) 200
B) 400
C) 600
D) 700

Question

Alphrege Ntumba · Accepted Answer

Final Answer : B, Explanation :  In a perfectly competitive market, each firm will supply the quantity where price equals marginal cost. Without specific details from the Table: Cherry Farm, we assume each farm, including Hank and Helen's, will produce and supply the same quantity. If the price is $4 and assuming this price leads each of the 100 farms to supply 4 pounds (as an example, since the exact supply per farm at $4 is not provided), the total industry supply would be 400 pounds (100 farms * 4 pounds per farm). The correct answer is inferred based on the premise of equal supply contribution from each farm in a perfectly competitive market.

(Table: Cherry Farm) Use 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) 200
B) 400
C) 600
D) 700

Definitions

Learning Objectives

Learning Objectives

Related questions

(Table: Cherry Farm) Use 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) 200B) 400C) 600D) 700

Definitions

Learning Objectives

Learning Objectives

Related questions

(Table: Cherry Farm) Use 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) 200
B) 400
C) 600
D) 700