Price controls in the Florida orange market The following graph shows the annual market for Fienda 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 you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Note: Once Graph Input Tool Market for Florida Oranges Price (Dallars per bo 15 Supply Quantity 174 Quantity Supplied (one of 120 Demanded (Molor of bo Depand PRICE (Dolars per box 2*XCRE- III III HIL O O B 40 % 2 A-2 3:42 PM 5/20/2022 6 ♡ PRICE (Dolars NR #20 15 I bepand LIN III 111 D 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per bax, and the equilibrium quantity of oranges is 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 Supplied Quantity Demanded (Millions of boxes) (Dollars per box) (Millions of boxes) Pressure on Prices 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. Quantity Supplied Price (Dollars per box) Quantity Demanded (Millions of boxes) (Millions of boxes) Pressure on Prices 35 15 True or False: A price celling 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 lang 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 a much hore price sensitive than the short-run supply of oranges. Assuming that the long-run demand for branges is the same as the short-run demand, you would expect a binding price celling to result in a in the long run than in the short run that is F 00% la A-Z 3:42 PM 5/28/2022 08 6