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.07014021028035042049056063070050454035302520151050PRICE (Dollars per box)QUANTITY (Millions of boxes)Demand Supply Graph Input Tool Market for Florida Oranges Price(Dollars per box) Quantity Demanded(Millions of boxes) Quantity Supplied(Millions of boxes) In this market, the equilibrium price is per box, 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.PriceQuantity DemandedQuantity SuppliedPressure on Prices(Dollars per box)(Millions of boxes)(Millions of boxes)35 up/down15 up/down True or False: A price ceiling above $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, 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 __shortage/surplus?__ that is __larger/smaller?__ in the long run than in the short run. 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 ToolMarket for Florida Oranges5045I Price(Dollars per box)Supply1540QuantityandedQuantity Supplied(Millions of boxes)70021035(Millions of boxes)302520Demand151070140 210 280 350 420 490 560 630 700QUANTITY (Millions of boxes)In this market, the equilibrium price is $per box, and the equilibrium quantity of oranges ismillion boxes.PRICE (Dollars per box)

Question

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.07014021028035042049056063070050454035302520151050PRICE (Dollars per box)QUANTITY (Millions of boxes)Demand Supply Graph Input Tool Market for Florida Oranges  Price(Dollars per box)     Quantity Demanded(Millions of boxes)   Quantity Supplied(Millions of boxes)   In this market, the equilibrium price is per box, 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.PriceQuantity DemandedQuantity SuppliedPressure on Prices(Dollars per box)(Millions of boxes)(Millions of boxes)35      up/down15      up/down True or False: A price ceiling above $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, 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  __shortage/surplus?__  that is  __larger/smaller?__  in the long run than in the short run. 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 ToolMarket for Florida Oranges5045I Price(Dollars per box)Supply1540QuantityandedQuantity Supplied(Millions of boxes)70021035(Millions of boxes)302520Demand151070140 210 280 350 420 490 560 630 700QUANTITY (Millions of boxes)In this market, the equilibrium price is $per box, and the equilibrium quantity of oranges ismillion boxes.PRICE (Dollars per box)

Accepted Answer

Equilibrium occurs at the intersection of demand and supply where quantity demanded equals quantity…

Market for Florida Oranges
	Price (Dollars per box)
	Quantity Demanded (Millions of boxes)			Quantity Supplied (Millions of boxes)

Price	Quantity Demanded	Quantity Supplied	Pressure on Prices
(Dollars per box)	(Millions of boxes)	(Millions of boxes)
35			up/down
15			up/down

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.