Which of the following is not a reason that the CPI overstates the cost of living?

Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) may overstate the cost of living for several reasons, but the assumption that substitution into nearly-equivalent goods is more common than it actually is would lead to an understatement, not an overstatement, of the cost of living. The CPI assumes consumers will substitute cheaper goods for more expensive ones when prices change, which can make the CPI reflect a lower cost of living increase than what might be experienced without such substitutions.

Which of the Following Is Not a Reason That the CPI