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Demand curve for a monopoly firm is the market demand curve.

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Demand is inelastic if the price elasticity of demand is greater than 1.

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An increase in the price of pizza will shift the demand curve for pizza to the left.

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If apple and orange are substitutes, when price of apple increases, then the demand for orange decreases.

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If a drought destroyed half of the U.S. garlic crop at a time when the health benefits of garlic were being well-publicized, economists would expect that in the market for garlic ( ).

A. quantity exchanged would rise but the change in price is uncertain without further information.
B. price would rise but the change in quantity exchanged is uncertain without further information.
C. both price and quantity exchanged would rise.
D. price would rise and quantity exchanged would fall.

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