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 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 above $25 per box is a binding price ceiling in this market. O True O 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, far 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 orang 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