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What Role Do Transaction Costs Play in Establishing the Law

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What role do transaction costs play in establishing the Law of One Price?


Definitions:

Distribution

Refers to the way values are spread or distributed over a range of possibilities.

Random Variable

A quantity whose value is subject to variations due to chance (statistical randomness).

Numerical Description

The summary or representation of data through numbers, including measures of central tendency and variability.

Experiment

A process that generates well-defined outcomes.

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