The mid-1990s saw a rise in the use of mobile phones in the general population. The technology continued to improve in the early 2000s and in the mid-2000s smartphones revolutionized the way people communicated. The technology has changed very rapidly and improved the lives of consumers. With these rapid changes, what would you suspect has happened to the CPI calculation? a. The CPI has overstated the cost of living because of income bias. b. The CPI has understated the cost of living because of quality improvement bias. c. The CPI has overstated the cost of living because of quality improvement bias.
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