Supply tends to be __________ in local markets and __________ in global markets.

If a major drought destroys crops, what is the most likely impact on the market for cotton?

What does a perfectly inelastic demand curve look like?

Hellmann’s mayonnaise and Duke’s mayonnaise are substitutes from the consumer’s perspective.  When the price of Hellmann’s rises, what happens to the demand for Duke’s mayonnaise?

If the price of movie tickets rises, what happens to the demand for coke (a complement)?

France has the largest long-run elasticity of oil demand (the most elastic) of any of the large, rich countries, according to estimates.  Does this mean that France is better at responding to long-run price changes than other rich countries, or does it mean France is worse at responding?

An increase in consumer income for a normal good will:

Which of the following scenarios would cause the demand curve for computers (a normal good) to shift to the right?

A bakery increases the price of its cakes by 12%, and the quantity supplied rises by 18%. What is the elasticity of supply?

Which of the following will NOT cause a shift in the demand curve?