By not taking into account the possibility of consumer substitution, the cpi
(a) understates the cost of living.
(b) overstates the cost of living.
(c) may overstate or understate the cost of living, depending on how quickly prices rise.
(d) may overstate or understate the cost of living, regardless of how quickly prices rise.

(B) overstates the cost of living.

Explanation:

By not taking into account the possibility of consumer substitution, the CPI

overstates the cost of living.

This one of the limitations of the CPI which is Consumer product index.

CPI is the weighted index of goods purchased by consumers. It does not take into account the availibilty of substitute goods in market and hence over estimates the living cost.

so i don't know what video you're talking about, but here's some stuff steve jobs gave as advice.

- love what you do.

- the worst thing that could happen might turn out to be the best thing that could happen.

- follow your heart and trust it knows where it's going.