Which of the following represents an arbitrage transaction?
a. Traders buy silks where they are abundant and cheap, and haul them along a trail to another place where they would be quite scarce and valued.
b. A trader buys a block of government bonds in one market where it is temporarily priced below where it can be immediately resold in a different market.
c. Someone buys a block of Final Four tickets and scalp them at the game.
d. A senior citizen buys a block of theater tickets at a senior discount and scalps them to teenagers behind the theater.
e. All of the above are example of arbitrage.
Question 2
Assume the price of Advil increases. As a result, you decrease the quantity of Advil purchased each month and purchase more Tylenol. This is an example of the:
a. income effect.
b. utility effect.
c. consumption effect.
d. substitution effect.
Ivory traders, c. 1912
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