MindTap - Cengage Learning X Course Hero X + V X -> C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966655&snapshotld=3545333& G ABP 53 Marvin v CENGAGE | MINDTAP Q Search this course ? My Home Homework (Ch 06) X The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. Courses Catalog and Study Tools 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. Rental Options A-Z Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. College Success Tips Career Success Tips Graph Input Tool ? ? Help 50 Market for Michigan Blueberries Give Feedback Supply Price 15 (Dollars per box) Quantity Demanded 348 Quantity Supplied 180 (Millions of boxes) bongo ( Millions of boxes) PRICE (Dollars per box) Demand A+ 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. Type here to search a 68OF 9:41 AM 6 p 10/4/2023 EMindTap - Cengage Learning X Course Hero X + V X -> C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966655&snapshotld=3545333& G ABP 53 Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Homework (Ch 06) X Courses Catalog and Study Tools In this market, the equilibrium price is |$ per box, and the equilibrium quantity of blueberries is million boxes. Rental Options A-Z College Success Tips Career Success Tips For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the ? Help direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied Give Feedback (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 35 bongo 15 True or False: A price ceiling below $25 per box is a binding price ceiling in this market. O True O False A+ Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of blueberries is much more price sensitive than the short-run supply of blueberries. O Assuming that the long-run demand for blueberries 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. Type here to search a p N 68F ~ 2 0 6761) 9:41 AM 6 10/4/2023