fCENGAGE I MINDTAP Q Search this course 0 X A Module Four Quiz In this market, the equilibrium price is $ 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 Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 30 :1 :1 ' :1 :1 _ 20 v True or False: A price ceiling above $25 per box is a binding price ceiling in this market. 0 True 0 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 longrun supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the longrun demand for oranges is the same as the shortrun demand, you would expect a binding price ceiling to result in a Grade It Now Save & Continue V that is V in the long run than in the short run. a: CENGAGE | MINDTAP Module Four Quiz 1 . Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of 90pound 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 eld will change accordingly. PRICE (Dollars per box) 50 45 40 35 30 25 20 15 10 0 80 160 240 320 400 480 560 640 720 800 QUANTITY (Millions of boxes) Graph Input Tool I Price (Dollars per box) Quantity Demanded (Millions of boxes) Market for Florida Oranges 600 Quantity Supplied (Millions of boxes) 368 Q Search this course 0X A