Because it takes many years before newly planted orange trees bear fruit, the supply curve in...

  
 

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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 ceiling to result in a surplus that is in the long run than in the short run. can decide whether to plant oranges on their land, to plant sormething else, or to sell their land altogether. Therefore, the long-füh supply of oranges m surplusice sensitive than the short-run supply of oranges. hortage t the long-run derrand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a surplus that is larger v in the long run than in the short run. much more price sensiti smaller t-run supply of oranges. larger d for oranges is the same as the short run demand, you would expect a binding price ceiling to result in Assuming that the long- asurplus v that is largery in the long run than in the short run. 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 ceiling to result in a surplus that is in the long run than in the short run. can decide whether to plant oranges on their land, to plant sormething else, or to sell their land altogether. Therefore, the long-füh supply of oranges m surplusice sensitive than the short-run supply of oranges. hortage t the long-run derrand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a surplus that is larger v in the long run than in the short run. much more price sensiti smaller t-run supply of oranges. larger d for oranges is the same as the short run demand, you would expect a binding price ceiling to result in Assuming that the long- asurplus v that is largery in the long run than in the short run.

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Assuming that the longrun demand for Oranges is the same as the shortrun demand you would e... View the full answer