1 . Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (? ) 50 Market for Florida Oranges Price 15 Supply ( Dollars per box) Quantity 174 Quantity Supplied 126 Demanded (Millions of boxes) (Millions of boxes) PRICE (Dollars per box) Demand 0 0 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes.For each of the prices ii'sted in the foiiowing table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence ofany price controis. Price Quantity Demanded Quantity Supplied (Dollars per box) (Minions of boxes) (Miiiians of boxes) Pressure on Prices 35 v is E E ' True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. '13} True {3' False Because it takes many years before newly planted orange trees bear fruit. the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand. you would expect a binding price ceiling to result in a v that is V in the long run than in the short run