The law of one price states that: O In Ideally efficient markets, the real purchasing power of a currency should be the same regardless of where it is spent The nominal exchange rates should always be the same as the real exchange rates, both in the short run and in the long run The cost of an individual good should be higher in countries with higher productivity Which of the following scenarios illustrates why the law of one price may not hold? Check all that apply. Stationery, such as writing paper, is relatively light and can be shipped in bulk. The formation of the European Union creates a custom union among it's member states, where internally traded goods are not subject to custom duties, tariff's, or import quotas. () Cement is very heavy, and the cost of shipping is measured by weight