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If the law of one price holds for all goods in the long run:
Scientific Process
A systematic methodology of exploring, understanding, and validating theories or principles through experiments, observation, and data analysis.
Background Research
The initial phase of investigation that gathers existing information or data on a topic before embarking on new research.
Hypothesis
An assumption or proposition that is made on the basis of limited evidence as a starting point for further investigation.
Experimentation
The process of trying out new ideas, concepts, or strategies to test hypotheses and gain insights that can lead to innovation or improvement.
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