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Suppose the price of gasoline rises rapidly because of supply problems and consumers respond consistent with the law of demand. Then consumers would
A.
decrease the quantity of gasoline consumed. So, the CPI inflation rate would understate the rate of inflation.
B.
decrease the quantity of gasoline consumed. So, the CPI inflation rate would overstate the rate of inflation.
C.
increase the quantity of gasoline consumed. So, the CPI inflation rate would understate the rate of inflation.
D.
increase the quantity of gasoline consumed. So, the CPI inflation rate would overstate the rate of inflation.