Question: explain this in simple terms [5 Marks] In 2002, Petrolia appropriately fixes the basket of goods used to calculate its CPI. From 2002 to 2005,

explain this in simple terms [5 Marks] In 2002, Petrolia appropriately fixes the basket of goods used to calculate its CPI. From 2002 to 2005, the CPI increased by 30% and the price of apples increased by 10%. True, False, or Uncertain: The CPI will overstate the true increase in the cost of living from 2002 to 2005 for an average resident of Petrolia because consumers will substitute to apples as a result of its lower-than-average price increase

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