1 . Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound basis. Live the graph input tool to help you answer the following questions. You will not be graded on arly charges you make to the's graph. Note: Once you inter a value in a white field, the graph and any corresponding amounts in each gray field will change accordingly. Graph Input Tool (7 Market for Michigan Blueberries Supply Quantity Quantity Supphead 210 him anded PRICE ibalan per Box) Demand + QUANTITY (Milions of brames) In this market, the equilibrium price is |3 per box, and the equilibrium quantity of blueberries is | |milion basis. For much of the prices Inded in the following Late, datartine the quantity of bladberries demanded, the quarter of Muthermis supphed, and the diniction of pressure world on prices in the aboones of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of bores) (Millions of barma) Pressure on Price 35 True or Fabi: A price criling above $25 par box is a binding price ceiling in this market. Because it takes six to sight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries an their land, In plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. Assuming that the long-run damand for blueberries is the same as the short-run demand, you would expect a binding price mailing to result in a T that is in the long run than in the short run