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Imagine that you are given $1,000 to spend and told that you must spend it all buying items from a Sears catalog. But you do
Imagine that you are given $1,000 to spend and told that you must spend it all buying items from a Sears catalog. But you do have a choice of catalog: either the 1903 catalog or today's catalog from Sears.com. You will pay the prices quoted in the catalog you choose. The _______ bias in the CPI is relevant to your choice of catalog. A. rising price B. outlet substitution bias and the quality change C. outlet substitution bias and the new goods D. outlet substitution bias E. new goods bias and the quality change
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