The Substitution Bias in the Consumer Price Index Refers to the Idea

Multiple Choice

The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price,and the CPI does not reflect this and ________ the cost of the market basket.

A) change; overestimates
B) change; underestimates
C) do not change; overestimates
D) do not change; underestimates