Substitution bias in the CPI refers to the fact that the CPI
A) takes into account the substitution of goods by consumers when relative prices change.
B) takes no account of the substitution of goods by consumers when relative prices change.
C) substitutes quality changes whenever they occur without taking account of the cost of the quality changes.
D) substitutes relative prices for absolute prices of goods.
Question 2
The assumption that a perfectly competitive industry has many sellers, each selling an identical product, leads to the conclusion that
A) consumers get to see a variety of outputs.
B) there are many buyers.
C) the economic profit will be positive in the long run.
D) firms are price takers.
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