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The following calculator depicts the market for oranges from Florida,

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The following calculator depicts the market for oranges
from Florida, which are sold in units of 90-pound boxes,
The upward sloping (orange) line represents supply, and
the downward sloping (blue) line represents demand Use
the calculator to help you answer the following questions.
You will not be graded on any changes you make to the
calculator. Tool tip: Use your mouse to drag the horizontal
green line on the graph. The values in the boxes on the
right side of the calculator will change accordingly. You
also can directly change the values in the boxes with the
white background by clicking in the box and typing. The
graph and any related values will change accordingly.
PRICE Dollars per boxl MARKET FOR ORANGES Quantity
Demanded Quantity Supplied Millions of boies peryearl
IMiliens bakesperyearl 100 QUANTITY Millions of boxes
per yearl Based on the graph, in this market, the
equilibrium price is per box, and the equilibrium quantity of
oranges is boxes per year. A congressman from New York,
facing pressure from constituents alarmed at increases in
the price of orange juice, introduces a bill to set a price
ceiling of $9 per box of oranges. If the market price
arbitrarily starts at the price ceiling of $9 per box, the
quantity of oranges demanded will be boxes per year,
while the quantity of oranges supplied will be boxes per
year. Therefore, there will be boxes of oranges in this
market per year. In the absence of any price controls, this
would exert pressure on orange prices until the market
achieves equilibrium. However, with a price control in
place, the market may or may not be able to reach its
equilibrium. (Economists call a price ceiling that prevents
the market from reaching equilibrium a effective price
ceiling.) Which of the following price ceilings (per box of
oranges) would be effective in the previously discussed
market? Check all that apply. O $6 $16 O $9 Because it
takes many years before newly planted orange trees bear
fruit, the supply curve in the short run is almost vertical. In

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The following calculator depicts the market for oranges from Florida, which are sold in units of 90 -pound boxes, The upward sloping (orange) line represents supply, and the downward sloping (blue) line represents demand Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Tool tip: Use your mouse to drag the horizontal green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You also can directly change the values in the boxes with the white background by clicking i ...
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