Statement (I): The ‘law of one price’ states that in competitive markets free of transportation costs and barriers to trade, identical products sold in different countries must sell for the same price when their price is expressed in terms of the same currency.
Statement (II): An ‘Efficient market’ has not impediments to the free flow of goods and services, such as trade barriers.
Statement (I) is correct but (II) is incorrect
Statement (II) is correct but (I) is incorrect
Both statements (I) and (II) are correct
Both statements (I) and (II) are incorrect