If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the base year is

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The base year is the year used as a reference point to compare prices in other years. Since the market basket was defined and priced in 2014, that year serves as the base year.

If a Market Basket Was Defined in 2014 and It