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Use the following to answer questions: 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.
-(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.

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In the short run each farm will maximize...

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