In this market, the equilibrium price isFor each price listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction ofpressure exerted on prices in the absence of any price controls.Price(Dollars per box)2030$25 per box, and the equilibrium quantity of oranges is 200 million boxes.TrueO FalseQuantity Demanded(Millions of boxes)Quantity Supplied(Millions of boxes)Pressure on PricesTrue or False: A price ceiling below $25 per box is a binding price ceiling in this market. (Economists call a price ceiling that prevents the market fromreaching equilibrium a binding price ceiling.)UpwardDownward 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.Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Note:PRICE (Dolar per box)249 ARKRE 20504540350 40Supplyand80 120 160 200 240 200 320 350 400QUANTITY (Mons of boxes)Graph Input ToolMarket for Florida OrangesPrice(Dollars per box)QuantityDemanded(Millions of boxes)15232Quantity Supplied(Millions of boxes)168

The economy is working at an equilibrium price of $25 and a quantity of 200 units. The above…

In this market, the equilibrium price is Price (Dollars per box) 20 30 For each price 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. $25 per box, and the equilibrium quantity of oranges is True O False Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) 200 million boxes. Pressure on Prices. Upward Downward True or False: A price ceiling below $25 per box is a binding price ceiling in this market. (Economists call a price ceiling that prevents the market from reaching equilibrium a binding price ceiling.)