At a typical store, there are dozens of choices on the breakfast cereal aisle. Therefore, the demand for Cheerios is expected to be: Price-elastic since consumers can switch to corn flakes or shredded wheat if the price of Cheerios increases Price-inelastic since consumers can switch to corn flakes or shredded wheat if the price of Cheerios increases Price-elastic since consumers who prefer Cheerios would never consider switching to cornflakes or shredded wheat Price-inelastic since it would not be possible for the price of corn flakes or shredded wheat to remain the same when the price of Cheerios is increasing