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david fabos david fabos
wrote...
Posts: 498
4 years ago

Question 1.

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



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



firms can prevent consumers from engaging in arbitrage.



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



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



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



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



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



examples of arbitrage.

Textbook 
InMicro

InMicro


Edition: 1st
Authors:
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1 Reply
all is normal
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Answer verified by a subject expert
IsackIsack
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Posts: 394
4 years ago
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david fabos Author
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4 years ago
Brilliant
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Just got PERFECT on my quiz
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