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Explain about the arbitrage except speculation

Not like speculation, there arbitrage is: (w) an activity which is generally more lucrative when conditions are favorable. (x) a profitable and relatively riskless activity. (y) the process of representing a domestic company within foreign markets. (z) profitable only to the entrepreneurs capable to sell at the lowest prices.

I need a good answer on the topic of Economic problems. Please give me your suggestion for the same by using above options.

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