Graph Input Tool Market for Florida Oranges 50 45 Price (Dollars per bax) 15 Supply 40 Quantity Demanded (Milions of boxes) Quantity Supplied Mlions of baxes) 500 210 35 30 25 20 Demand 15 10 O so 100 150 200 250 300 350 400 45o s00 QUANTITY (MIlliors of boxes) n this market, the equilibrium price is s per box, and the equilibium quantity of oranges is million boxes. or each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges suppled, and the direction of ressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (MIllions of boxes) (Milions of boxes) Pressure on Prices 15 35 rue or False: A price cellng above s25 per box is a binding price celling in this market. O True O False ecause 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 an decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply af oranges s much more price sensitive than the short-run supply of oranges. ssuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price celing to result in a that is in the long run than in the short run. PRICE (Dollars per bax)
Graph Input Tool Market for Florida Oranges 50 45 Price (Dollars per bax) 15 Supply 40 Quantity Demanded (Milions of boxes) Quantity Supplied Mlions of baxes) 500 210 35 30 25 20 Demand 15 10 O so 100 150 200 250 300 350 400 45o s00 QUANTITY (MIlliors of boxes) n this market, the equilibrium price is s per box, and the equilibium quantity of oranges is million boxes. or each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges suppled, and the direction of ressure exerted on prices in the absence of any price controls. Price Quantity Demanded Quantity Supplied (Dollars per box) (MIllions of boxes) (Milions of boxes) Pressure on Prices 15 35 rue or False: A price cellng above s25 per box is a binding price celling in this market. O True O False ecause 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 an decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply af oranges s much more price sensitive than the short-run supply of oranges. ssuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price celing to result in a that is in the long run than in the short run. PRICE (Dollars per bax)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes.
Transcribed Image Text:Graph Input Tool
Market for Florida Oranges
50
45
Price
(Dollars per box)
15
Supply
40
Quantity
Demanded
(Mons of boxes)
Quantity Supplied
Milions of baxes)
500
210
35
30
25
20
Demand
15
10
50 100 150 200 250 300 350 400 450 500
QUANTITY (Millions of bexes)
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.
Price
Quantity Demanded
Quantity Supplied
(Dollars per box)
(Millions of boxes)
(Millions of boxes)
Pressure on Prices
15
35
True or False: A price celing above s25 per box is a binding price celing 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 celling to result in a
that is
in the long run than in the short run.
PRICE (Dollam per bax)
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