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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 (Dollars per box) Supply Quantity 900 Quantity Supplied 0 Demanded (Millions of boxes) (Millions of boxes) PRICE (Dollars per box) Demand O 80 180 270 380 450 540 630 720 810 900 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 iisted in the foiiowihg table, determine the quantity of oranges demanded, the quantity of oranges suppiied, and the direction of pressure exerted on prices in the absence ofany pn'ce controis. Price Quantity Demanded Quantity Supplied {Dollars per box) (Millions of boxes) {Millions of boxes) Pressure on Prices 15 E E v E E 35 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 elser or to sell their land altogether. Therefore, the longrun supply of oranges is much more price sensitive than the shortrun 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 v that is V in the long run than in the short run