When the Price of Petrol Rises, Some Consumers Begin Riding

question 54

Multiple Choice

When the price of petrol rises, some consumers begin riding their bikes more frequently or taking public transport instead of driving their cars. The fact that the CPI does not fully account for such changes in consumer behaviour is called:

• A)outlet bias.
• B)increase in quality bias.
• C)substitution bias.
• D)discrimination bias.

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Definitions:

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