The demand for Rice Krispies is more elastic than the demand for cereal in general.

Name: The demand for Rice Krispies is more elastic than the demand for cereal in general.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Rice Krispies is a specific brand within the broader cereal category, and consumers can easily substitute it with other cereal brands or types if its price increases, making its demand more elastic compared to the demand for cereal in general, which encompasses a wider range of products with fewer direct substitutes.

The Demand for Rice Krispies Is More Elastic Than the Demand