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Which of the following best describes the problem of substitution bias with regard to the true impact of inflation on consumer wellbeing? Group of answer

Which of the following best describes the problem of "substitution bias" with regard to the true impact of inflation on consumer wellbeing?

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During periods of economic expansion, consumers will naturally substitute toward higher quality goods.

During periods of economic expansion, consumers will naturally substitute leisure for work.

During periods of inflation, consumers will naturally substitute toward goods with higher prices.

During periods of inflation, consumers will naturally substitute toward goods with lower prices.

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