What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed mining company stock is $50 (USD) on the New York Stock Exchange and $60 (CAD) on the Toronto Stock Exchange....

What is arbitrage? Explain the arbitrage opportunity when the price of a dually listed
mining company stock is $50 (USD) on the New York Stock Exchange and $60 (CAD) on the
Toronto Stock Exchange. Assume that the exchange rate is such that 1 USD equals 1.21
CAD. Explain what is likely to happen to prices as traders take advantage of this opportunity.