You can substitute cocoa sources globally, but you can't substitute a house in Charlotte with one in Phoenix. If cocoa prices spike, you buy less chocolate. If

You can substitute cocoa sources globally, but you can't substitute a house in Charlotte with one in Phoenix. If cocoa prices spike, you buy less chocolate. If housing prices spike in your job market, your options are: pay more, endure a brutal commute, or uproot your life. The demand is far more inelastic.