https:/g.cengage.com/staticb/ui/evo/index Megan CENGAGE | MINDTAP My Home Homework (Ch 06) Courses Back to Assignment Catalog and Study Tools Attempts |2.3 Keep the Highest 2 3 / 4 Rental Options 2. Price controls in the Florida orange market College Success Tips The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Career Success Tips 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 Help Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accord Give Feedback Graph Input Tool Market for Florida Oranges (Dollars per box) 20 "Miltons of boxes ) Stillots of bores 200 PRICE (Dollars per box) 0 160 240 320 400 450 980 640 720 809 QUANTITY (Millions of boxes) 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 dire 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 20 30 True or False: A price ceiling below $25 per box is a binding price ceiling in this market. True False Because it takes many years before newly planted orange bear fruit, the supply curve in the short run is almost vertical. In the long run can decide whether to plant ore s on their land, to plant something else, or to sell their land altogether. run supply of oranges is much more price sensitive than the run supply of oranges. scuming 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. Grade It Now Save & Continue Continue without saving