Question: The same television set costs $500 in the United States, 450 in France, 300 in the United Kingdom, and 100,000 in Japan. If the law

The same television set costs $500 in the United States, €450 in France, £300 in the United Kingdom, and ¥100,000 in Japan. If the law of one price holds, what are the euro-dollar, pound-dollar, and yen-dollar exchange rates? Why might the law of one price fail?

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