ni: deploymentld=5813532355093802307903350457&elSBN=9781337621410&id=1185959169&snapshotld=2410020& CENGAGE | MINDTAP Homework: Prices: Free, Controlled, and Relative (Ch 04) In this market, the equilibrium price is |$ per box, and the equilibrium quantity of oranges is million boxes. For each price 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 35 15 True or False: A price ceiling above $25 per box is not a binding price ceiling in this market. (Economists call a price ceiling that prevents the market from reaching equilibrium a binding price ceiling.) O True O False Grade It Now Save & Continue Continue without savingCENGAGE | MINDTAP Q omework: Prices: Free, Controlled, and Relative (Ch 04) 2. 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 Supply Price 20 (Dollars per box) Quantity 360 Quantity Supplied 240 Demanded (Millions of boxes) (Millions of boxes) PRICE (Dollars per box) Demand O 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Millions of boxes) 68108