Question: What is the difference between the price level and the rate of inflation? Why does substitution bias arise if we calculate the inflation rate based

What is the difference between the price level and the rate of inflation? Why does "substitution bias" arise if we calculate the inflation rate based on a fixed basket of goods

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Why does substitution bias arise if we calculate the inflation rate based on a fixed basket of goods?

14. Why does substitution bias arise if we calculate the inflation rate based on a fixed basket of goods?

Why does substitution bias arise if the inflation rate is calculated based on a fixed basket of goods?

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