Multiple Choice
The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that
A) Cheerios are a luxury.
B) Cereals are a necessity.
C) there are more substitutes for Cheerios than for cereals as a whole.
D) consumption of cereals as a whole is greater than consumption of Cheerios.
Correct Answer:
Verified
Correct Answer:
Verified
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