More and more students are buying textbooks on online instead of in the university bookstore. The CPI does not account for this change in purchasing habits. This is an example of
A)outlet bias.
B)substitution bias.
C)new product bias.
D)increase in quality bias.
E)brick and mortar bias.

Question

Quizplus · Accepted Answer

Outlet bias occurs when the Consumer Price Index (CPI) does not fully account for changes in where consumers are buying products or services, such as the shift from purchasing textbooks in a physical university bookstore to buying them online.

More and More Students Are Buying Textbooks on Online Instead