Consider the following prices from a McDonald's Restaurant: 
A McDonald's Big Mac value meal consists of a Big Mac sandwich, large Coke, and a large fries. Assuming that there is a competitive market for McDonald's food items, at what price must a Big Mac value meal sell to insure the absence of an arbitrage opportunity and uphold the Law of One Price?
Definitions:
Opportunity Cost
The price paid for not selecting the next most favorable opportunity when deciding.
Production Possibilities Frontier
A curve that depicts all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all are used efficiently.
Labor Force
The total number of people employed and unemployed, actively seeking employment in an economy.
Production Possibilities Frontier
A curve depicting the maximum output of two goods that can be produced with given resources and technology, assuming all resources are fully utilized.
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