In each of the following examples, the law of one price does not hold (i.e., at current
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In each of the following examples, the law of one price does not hold (i.e., at current nominal exchange rates, the prices of these goods or services are not the same). For each case, explain what prevents the law of one price from holding.
a) A ton of sugar in the United States and a ton of sugar in Brazil
b) A three-bedroom apartment in Manhattan and a three-bedroom apartment in Mexico City
c) A pound of the finest Swiss chocolate and a pound of Hershey’s kisses
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