Answer the graph and fill in the blanks please.

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 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 (?) Market for Michigan Blueberries Price 15 Supply (Dollars per box) Quantity 500 Quantity Supplied 210 Demanded (Millions of boxes) (Millions of boxes) PRICE (Dollars per box) Demand In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) ( Millions of boxes) (Millions of boxes) Pressure on Prices 15 35 Upward True or False: A price ceiling above $25 per box is a binding price ceiling in Downward direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 15 35 True or False: A price ceiling above $25 per box is a binding price ceiling in Upward True Downward O False Because it takes six to eight 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 on their land, to plant something else, or to sell their land altogether. Therefore, the surplus oply of blueberries is much more price sensitive than the short-run supply of blueberries. shortage at the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the long run than in the short run. Because it takes six to eight 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 on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blue smaller much more price sensitive than the short-run supply of blueberries. larger Assuming that the long ind for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in a that is in the long run than in the short run