Someone who used to work in a paint factory told me that 
paint manufacturers can sell the same paint for different
prices just by changing the label. The same can would be
marketed to different kinds of consumers and fetch different prices.

>From what I was told, this practice is fairly common in other
industries such as the manufacture of clothing. 

Question 1: Why is there no paint arbitrage? (or clothing
arbitrage, etc) 

Question 2: This seems to imply that consumers really have imperfect
knowledge and rely on marketing for information. Does this concur
or differ with the way economists think about consumers?

-fabio


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