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A U.S. wine merchant travelling in France has found a French wine of the same quality as a U.S. wine they regularly sell. She assumes that the real exchange rate should be 1 case of U.S. wine equals one case of French wine. The French wine merchant will sell her a case of the French wine for 350 euros. She knows that a case of the equivalent U.S. wine sells for $400. The euro is selling in France for $1.20. Assuming transportation costs are zero, the U.S. wine merchant should
a. buy the French wine and sell it in the U.S. and make a profit.
b. buy the U.S. wine and sell it in France and make a profit.
c. It doesn't matter either way; there is no profit in the deal.
d. None of the above.
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