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

New information is released that proves that drinking cow’s milk causes you to gain 2 pounds every year. What happens to the market for milk?

An increase in consumer income for a normal good will:

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?

Henry Ford famously mass-produced cars at the beginning of the twentieth century, starting Ford Motor Company.  He made millions because mass production made cars cheap to make, and he passed some of the savings to the consumer in the form of a low price.  Cars became a common sight in the United States.  Keeping total revenue and its relationship with price in mind, do you expect the demand for cars to be elastic or inelastic in this example?

Assume events A and B are dependent. If P(A)= 0.75 and P(A and B) = 0.45, find P(B|A)  

In silent film, this image is referred to as a exam1.png

We can tell that the beginning of this excerpt is played by a celeste (which sounds bell or chime-like) – and not another instrument — because of its:

Nickelodeon.png The above photo shows a Nickelodeon. Which of the following is not typical of theaters in this era?

Question 8 on Winnie the Pooh clip