Preheat oven to 350 degrees F. Lightly grease a 9 x 12 baking dish.
Bring a large pot of salted water to a boil. Stir in the elbow (or macaroni) pasta; cook until al dente (check the package for correct time, pasta varies). Strain well and pour the noodles back into the pot. Toss with the olive oil or butter to thoroughly coat.
While the pasta is cooking, place a large saucepan over medium heat with butter. Once the butter has melted, stir in the flour and mix until no longer clumpy.
Add in the milk, salt, pepper, garlic powder, onion powder, paprika, and ground mustard. Whisk until smooth.
Cook, whisking consistently for 4-5 minutes, or until the sauce has thickened to a cream-like consistency. Remove from heat.
Stir in the shredded cheese. Taste test to adjust seasonings (salt, pepper, etc) to suit your preference.
Pour the sauce into the pot with the pasta and stir to thoroughly mix. Transfer the macaroni and cheese to the prepared baking dish.
Sprinkle with the breadcrumb topping. Bake for 20-22 minutes or until the top is a light, golden brown.