The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound 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.
1. In this market, the equilibrium price is _____ per box, and the equilibrium quantity of oranges is ______ million boxes.
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Extracted text: Graph Input Tool (? Market for Florida Oranges 50 I Price (Dollars per box) 45 15 40 Supply Quantity Demanded Quantity Supplied (Millions of boxes) 900 35 (Millions of boxes) 30 25 Demand 10 5 90 180 270 380 450 540 630 720 810 900 QUANTITY (Millions of boxes) PRICE (Dollars per box) + ---
Extracted text: 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 35 True or False: A price ceiling above $25 per box is 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 that is in the long run than in the short run.