You see on Craigslist that a used XBOX 360 sells for $100 and a new XBOX 360 sells for $300. Is this an arbitrage opportunity?
◦ Yes, because the market for a used XBOX 360 is not the same as the market for a new XBOX 360.
◦ No, because the market for a used XBOX 360 is a competitive market.
◦ Yes, because the market for a used XBOX 360 is a competitive market.
◦ No., because the market fora used XBOX 360 is not the same as the market for a new XBOX 360.