Question

Patrick and his family recently moved overseas. When shopping for furniture for their new home Patrick and his wife realized that the price of furniture in their new country was about the same as it was back home. Which of the following concepts best describes this phenomenon?

Answer 1

Answer:

Price Convergence

Explanation:

Based on the information provided within the question it can be said that the concept that best describes this phenomenon is Price Convergence. This term refers to the degree at which prices for goods and services more together and converge into the same price in different geographical locations. Such as is the case in this scenario as the price of the furniture is about the same in both countries that Patrick and his wife have visited.