When the Price of Broccoli Increase Relative to Cauliflower, People

question 59

Multiple Choice

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

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

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Definitions:

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Money that a court has ordered one party to pay another party as a result of a legal judgment.

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Taxes imposed by local governments on real estate based on the property's assessed value, used to fund public services.

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Evaluations or appraisals to determine the value, performance, or condition of something, often used in educational, professional, or property contexts.

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