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. Price (Dollars per box) 35 15 O True Quantity Demanded (Millions of boxes) O False Quantity Supplied (Millions of boxes) True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. Pressure on Prices Upward Downward 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. 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 a shortage that is larger in the long run than in the short run.

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. Price (Dollars per box) 35 15 O True Quantity Demanded (Millions of boxes) O False Quantity Supplied (Millions of boxes) True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. Pressure on Prices Upward Downward 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. 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 a shortage that is larger in the long run than in the short run.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter1A: Appendix: Working With Graphs

Section: Chapter Questions

Problem 1E

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