Law of one price

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Science and technology

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What Wikipedia says

In economics, the law of one price (LOOP) states that in the absence of trade frictions (such as transport costs and tariffs), and under conditions of free competition and price flexibility (where no individual sellers or buyers have power to manipulate prices and prices can freely adjust), identical goods sold at different locations should be sold for the same price when prices are expressed in a common currency.

Excerpt from the Wikipedia article “Law of one price”, under the CC BY-SA 4.0 license. Read the article on Wikipedia