If Cheeseburgers Become More Expensive and Consumers Switch Their Purchases

question 105

Multiple Choice

If cheeseburgers become more expensive and consumers switch their purchases away from cheeseburgers but the consumer price index (CPI) still assumes they buy the same amount,then

• A) the CPI will reflect upward bias.
• B) the CPI will reflect downward bias.
• C) consumers will experience money illusion.
• D) consumers will experience a price confusion problem.
• E) deflation will occur because consumers no longer buy cheeseburgers.

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