There are a wide variety of breakfast cereals on the marketin grocery stores, they usually take up an entire aisle. As a result, it is possible to purchase many cereals that are highly similar but have small distinguishing characteristics that differentiate them.

a. List some cereals that are very close substitutes for one another

b. What does society gain from having all of these varieties of breakfast cereal?

c. What does society lose by having all of these varieties of breakfast cereal?