Suppose that a virus wipes out half the apple crop, causing the quantity produced to go down

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Suppose that a virus wipes out half the apple crop, causing the quantity produced to go down and the price to increase. Other fruits can be substituted for apples in many cases, so some consumers will switch to other items. What would be the effect of this on the CPI? On the PCE deflator?
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Macroeconomics

ISBN: 9780132109994

1st Edition

Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty

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