When discussing the CPI,the term "commodity substitution bias" refers to changes in

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Commodity substitution bias refers to the fact that when prices of certain goods increase, consumers tend to switch to cheaper substitutes. However, the CPI assumes that consumers continue to buy the same basket of goods even if their prices change. This leads to an overstatement of inflation, as the CPI does not account for changes in consumer behavior due to price changes.

When Discussing the CPI,the Term "Commodity Substitution Bias" Refers to Changes