MindTap - Cengage Learning x * Screen Shot 2021-10-02 at 6.58 x + nb/ui/evo/index.html?deploymentld=5981412353502464190243042516&elSBN=9780357133576&id=1365919100&snapshotld=2722 ping Cart | Ze.. mySNHU Login Class BUS-206: Busi... 3 BankMobile: Accou ENGAGE |MINDTAP E Pouring on the Pou.. ClassLink for DoDEA ule Four Quiz . Price controls in the Florida orange market 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 Supply (Dollars per box) Quantity 174 Quantity Supplied 126 Demanded (Millions of boxes) (Millions of boxes) PRICE (Dollars per box) Demand 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) O N O M EX MindTap - Cengage Learning x * Screen Shot 2021-10-02 at 6.58. > .com/staticb/ui/evo/index.html?deploymentld=5981412353502464190243042516&LeISBN=9780357133576&id=1365919100&snapshotld=2722786& Shopping Cart | Ze.. mySNHU Login Class BUS-206: Busi.. B BankMobile: Accou CENGAGE | MINDTAP E Pouring on the Pou. ClassLink for DODEA Module Four Quiz In this market, the equilibrium price is $25 per box, and the equilibrium quantity of oranges is 150 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 of 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 15 174 126 Downward 35 126 174 Upward True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. True 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 else, or to sell their land altogether. Therefore, the long-run supply of oranges is 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 th....html O re to search M F DEL A INSERT DI F 12 14 F10 F9 F8 5 7 FE &For each of the prices listed in the following 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 price controls. Price Quantity Demanded (Dollars per box) Quantity Supplied (Millions of boxes) 15 ( Millions of boxes) Pressure on Prices 174 35 126 Downward 126 174 Upward True or False: A price ceiling below $25 per box is not 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, farmers 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 oranges is 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 surplus that is larger _ in the long run than in the short run. Grade It Now Save & Continue Continue without saving O Eli n earch E N M O DELE F12 II F 10 F9 F8 -4 T R K U H S M N