Aplia Homework (Ch 06) PRICE (Dollars per box) 5 45 Graph Input Tool Market for Florida Oranges (Dollars per box) Quantity Demanded (Millions of boxes) Price 40 Supply 35 25 20 15 10 5. 0 agand 0 40 0 120 160 200 240 250 320 360 400 QUANTITY (Millions of boxes) 15 232 Quantity Supplied (Millions of boxes) 108 In this market, the equilibrium price is per box, and the equilibrium quantity of oranges is million boxes Search this cour In this market, the equilibrium price is s per box, and the equilibrium quantity of oranges is million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price (Dollars per box) Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) Pressure on Prices 35 15 True or False: A price ceiling below $25 per box is a binding price celling in this market. True False Because it takes many years before newly planted orange trees be 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 that is in the long run than in the short run