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Many people sell goods through eBay at prices that are higher than the prices they paid for these ...

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Many people sell goods through eBay at prices that are higher than the prices they paid for these ...

Question 1.

According to the law of one price, identical products should sell for the same price everywhere if

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consumers have knowledge of the prices charged for products in different markets.

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firms can prevent consumers from engaging in arbitrage.

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there are no tariffs or other restrictions on imports or exports.

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transactions costs are zero.

Question 2.

Many people sell goods through eBay at prices that are higher than the prices they paid for these goods. Economists consider these transactions as

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unproductive since the goods sold have been produced in the past.

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examples of zero-sum games, since the value of the goods sold is exactly equal to the prices paid for them.

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examples of exploitation of buyers of the goods by the sellers.

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examples of arbitrage.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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david fabos Author

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Brilliant ツ

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Just got PERFECT on my quiz

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Thanks

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