You read in the newspaper that the CPI in 2008 was 120, you will conclude that a typical market basket in 2008 would have cost
a. 120 percent more than the same market basket purchased in 2007.
b. 20 percent more than the same market basket purchased in the base year.
c. 20 percent less than the same market basket purchased in the base year.
d. 20 percent more than the same market basket purchased in 2007.
