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Market for Florida Oranges
	Price (Dollars per box)
	Quantity Demanded (Millions of boxes)			Quantity Supplied (Millions of boxes)

In this market, the equilibrium price is

per box, and the equilibrium quantity of oranges is

millionboxes.

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	Pressure on Prices
(Dollars per box)	(Millions of boxes)	(Millions of boxes)
15
35

True or False: A price ceiling above $25 per box is not a binding price ceiling in this market.

True

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 that is in the long run than in the short run.

ustomer... Nike Face Mask SW... Gmail YouTube Maps Hi Inside Sales Territor... CENGAGE MINDTAP Module Four Quiz Graph Input Tool 50 Market for Florida Oranges 45 Price 15 (Dollars per box) Supply Quantity 500 Quantity Supplied Demanded (Millions of boxes) (Millions of boxes PRICE (Dollars per box) Demand 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes