When the Price of Broccoli Increases Relative to Cauliflower, People

question 64

Multiple Choice

When the price of broccoli increases relative to cauliflower, people who buy fresh vegetables respond by buying more cauliflower and less broccoli. As a result, the CPI has

• A) a new price bias.
• B) a new goods bias.
• C) an outlet substitution bias.
• D) a quality change bias.
• E) a commodity substitution bias.

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Definitions:

Cognition

The way in which information is processed and manipulated in remembering, thinking, and knowing.

Adolescent Egocentrism

A characteristic of adolescent thinking that leads to self-centered assumptions, such as believing that one's experiences and emotions are unique and not understood by others.

Preoperational Thought

A stage in cognitive development characterized by symbolic thinking, egocentrism, and a lack of understanding of conservation concepts.

Adolescent Identity Crisis

A developmental phase where teenagers question their identity and values, often leading to confusion and emotional turmoil.