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Assume Purchasing Power Parity holds. If the current exchange rate is 120 Japanese yen per U.S. dollar, the price of a Big Mac hamburger in

Assume Purchasing Power Parity holds. If the current exchange rate is 120 Japanese yen per U.S. dollar, the price of a Big Mac hamburger in the United States is $3.39, and the price of a Big Mac hamburger in Japan is 420 yen, then other things equal, the Big Mac hamburger in Japan is: There is not enough information to determine if the price is appropriate or not. over priced. correctly priced. under priced

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