In this market, the equilibrium price is per box, and the equilibrium quantityr of oranges is million boxes. For each of the prices iisted in the folio wing 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 pn'ce controls. Price Quantity Demand ed Quantity Supplied [Dollars per box) ( Millions of boxes) (Millions of boxes) Pressure on Prices 1 5 V 35 ' True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. True False Because it takes mam,I years before newly planted orange trees bear fruit, the supply:r 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 orangm is much more price sensitive than the short-run supply of oranges. Assuming that the longrun demand for oranges is the same as the short-run den-land, you would expect a binding price ceiling to result in a v that is V In the long run than In the shart run