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Safari File Edit View History Bookmarks window Help ng.cengage.com (27) TurboJet Scooter build 1-Jet/Chas ,''-MINDTAP Assign. 4 linois State University : ACC 168 008 F MindTap - Cengage Learr 7. Price contrels in the Florida erange market 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: Oce you enter a value in a white field, the graph and any corresponding amours in each grey feld will chrge acordingly. Graph Input Tool Market for Florida Oranges s0 Price (Dollars per box) 20 poled 30 35 of boxes) (Mtions of boxes) 30 t5 0 90 180270 450 540 720 810 900 QUANTITY (Milions of boxes) In this market, the equilibrium price is S per box, and the equilibrium quantity of oranges is million boxes.

Explanation / Answer

Equilibrium price = $ 25

Equilibrium quantity of oranges = 450 million

False, binding price ceiling is the price set below equilibrium price.

Shortage; less than

Price Quantity demanded Quantity supplied Pressure on prices 30 540 405 Decrease 20 495 360 Increase

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