The Demand for a Specific Brand of Corn Flakes Cereal

Multiple Choice

The demand for a specific brand of corn flakes cereal is likely to be:

A) very price elastic, because there are many close substitutes available.
B) less price elastic, because there are many close substitutes available.
C) very price elastic, because the cost of cornflakes relative to income is low.
D) less price elastic, because cornflakes are an inferior good for many consumers.