Question: Suspicions about arbitrage have a long history. For example, Valerian of Cimiez, a Catholic bishop who lived during the fifth century, wrote: When something is

Suspicions about arbitrage have a long history. For example, Valerian of Cimiez, a Catholic bishop who lived during the fifth century, wrote: "When something is bought cheaply only so it can be retailed dearly, doing business always means cheating." What might Valerian think of eBay? Do you agree with his conclusion? Briefly explain.

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