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In this market, the equilibrium price is $ Price Quantity Demanded (Dollars per box) (Millions of boxes) 35 15 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. per box, and the equilibrium quantity of blueberries is True True or False: A price ceiling below $25 per box is a binding price ceiling in this market. False Quantity Supplied (Millions of boxes) Pressure on Prices million boxes. 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 in the long run than in the short run. that is

In this market, the equilibrium price is $ Price Quantity Demanded (Dollars per box) (Millions of boxes) 35 15 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. per box, and the equilibrium quantity of blueberries is True True or False: A price ceiling below $25 per box is a binding price ceiling in this market. False Quantity Supplied (Millions of boxes) Pressure on Prices million boxes. 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 in the long run than in the short run. that is

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2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) 50 22222222. 45 40 35 25 20 15 0 Supply Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 Quantity Supplied (Millions of boxes) 210
Transcribed Image Text:2. Price controls in the Florida orange market The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-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. PRICE (Dollars per box) 50 22222222. 45 40 35 25 20 15 0 Supply Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 Quantity Supplied (Millions of boxes) 210
S In this market, the equilibrium price is $ Price (Dollars per box) 35 15 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. True per box, and the equilibrium quantity of blueberries is Quantity Demanded (Millions of boxes) False Quantity Supplied (Millions of boxes) True or False: A price ceiling below $25 per box is a binding price ceiling in this market. Pressure on Prices million boxes. 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 in the long run than in the short run. that is
Transcribed Image Text:S In this market, the equilibrium price is $ Price (Dollars per box) 35 15 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. True per box, and the equilibrium quantity of blueberries is Quantity Demanded (Millions of boxes) False Quantity Supplied (Millions of boxes) True or False: A price ceiling below $25 per box is a binding price ceiling in this market. Pressure on Prices million boxes. 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 in the long run than in the short run. that is
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