Commerce Quiz 33 || UGC NET Paper 2 || Business Economics
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Statement (I): The ‘law of one price’ states that in competitive markets free of transportation costs and barriers to trade, identical products sold in different countries must sell for the same price when their price is expressed in terms of the same currency.
Statement (II): An ‘Efficient market’ has no impediments to the free flow of goods and services, such as trade barriers.
(a) These products are generally durable in nature
(b) Consumers generally compare the goods of various sellers and then buy such goods
(c) Per unit price of these goods is generally high
(d) These goods are regularly and continuously in demand
(e) These goods are sold as a result of aggressive promotional efforts.
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