@& Safari File Edit View History Bookmarks Window Help Tue Mar 26 3:01PM ng.cengage.com + Cengage Learning 2% MindTap - Cengage Learning B course Hero Resur LT :W CENGAGE ' MINDTAP Q search this course 0 X Module Four Quiz 1. Price controls in the Florida orange market PROFILE The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. OLRER 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. R Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. COURSES v Graph Input Tool Market for Michigan Blueberries [1 Price Study tools (Dollars per box) 20 Quantity Quantity Supplied Demanded (Millions of boxes) College Success Tips (Millions of boxes) Career Success Tips Demand PRICE (Dollars per box) @ 0 Help : 70 140 210 280 350 420 490 560 630 700 ST (] QUANTITY (Millions of boxes) @& Safari File Edit View History Bookmarks Window Help e Tue Mar 26 3:01PM ng.cengage.com + Cengage Learning 2% MindTap - Cengage Learning B course Hero Resur LT :W CENGAGE ' MINDTAP Q search this course Module Four Quiz @ X 2 In this market, the equilibrium price is $ per box, and the equilibrium quantity of blueberries is million boxes. ORDERS ISR B For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. COURSES v Price Quantity Demanded Quantity Supplied (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 20 30 v Study tools True or False: A price ceiling above $25 per box is a binding price ceiling in this market. College Success Tips True : False Career Success Tips L Help 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. ' E" SIGN 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 W in the long run than in the short run. @& Safari File Edit View History Bookmarks Window Help ng.cengage.com + Cengage Learning 2% MindTap - Cengage Learning B course Hero Resur LT :W CENGAGE ' MINDTAP Q search this course Module Four Quiz @ X PROFILE For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the ORDERS direction of pressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied 21 R PL (Dollars per box) (Millions of boxes) (Millions of boxes) Pressure on Prices 20 - COURSES v 30 v True or False: A price ceiling above $25 per box is a binding price ceiling in this market. True Study tools False College Success Tips 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 n. farmers can decide whether to plant blueberries on their land, to plant something else, or to sell their land altogether. Therefore, the Career Success Tips lo| surplus ply of blueberries is much more price sensitive than the short-run supply of blueberries. t the long-run demand for blueberries is the same as the short-run demand, you would expect a binding price ceiling to result in W thatis W in the long run than in the short run. ', [ESIeT ] [ A Ty Continue without saving @& Safari File Edit View History Bookmarks Window Help e Tue Mar 26 3:01PM ng.cengage.com + Cengage Learning 2% MindTap - Cengage Learning B course Hero penshot R S UL %