PLEASE ANSWER HIGHLIGHTED AREAS AND EXPLAIN IN LAYMAN'S TERMS.

PLEASE ANSWER ALL AND NOT JUST SOME

1 . Price controls in the Florida orange market The following graph shown the annual market for Florida oranges, which are sold in units of 90-poand boxes. The the graph ixput tool to help you asnews 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 amy corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Florida Oranges Supply Price 15 Quantity Demanded 406 Quantity Supplied 210 PRICE (Dollars per box) 144 210 209 330 420 490 569 430 790 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of cranges in | million boxes. For each of the prices Dated in the following table, determine the quantity of engages demanded the quantity of orange supplied and the direction of promare everied on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) Ofintions of books Of lions of boxes Pressure on Prices Upward True ce False: A price ceiling below $35 per box is a binding price ceiling Downward True or False: A price ceiling below $25 per box is 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 shortage , 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 the fon supply of onages. raplus Asraming that the long ran destand for oranges is the same as the short-rum demand, you would expect a binding price ceiling to revolt in a that is in the Kong rum than in the short rom larger smaller