sa University of Vermont-EC 011 Principles of Macroeconomic-Fail18-LAW: Ch. 5 Ju

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Question

sa University of Vermont-EC 011 Principles of Macroeconomic-Fail18-LAW: Ch. 5 Jump to... Shujie Che D Gradeboa 9/26/2018 11:55 PM 87.1/100 Pnnt Calculator uestion 15 of 17 Incorrectincorrect Map co Sapling Learning Sort the following scenarios according the CPI bias. New goods Quality change Outlet substitution Frustrated with prices at department stores, Karina buys more chicken because Yarib decides to start shopping at discount stores. the price of ground beef increased. Chase buys a new minivan because Joan buys an electric car that his old minivan did not have airbags. is new to the market in 2014 O Previous ®Gvn Up & View Solution Check Answer (D Next Exit Hint about us careers privacy policy tems of use contactus help

Explanation / Answer

Joan buys an electric car that is new to the market in 2014:

This is clearly a new good.

Chase buys a new minivan because his old minivan did not have airbags.:

Person wants a better car hence quality change.

Karina buys more chicken because the price of ground beef increased.

Beef is being replaced by beef.

Frustrated with price at departmental stores Yarib decides to start shopping at discount stores.

A person has decided to change the store.Hence it is outlet substitution.

New Good Quality Change Commodity substitution Outlet substitution