What does the "law of one price" stipulate?

Question

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The "law of one price" stipulates that assets with the same attributes should sell for the same price in a perfect market, meaning there should be no price disparities for identical goods in different locations or at different times. The law of one price stipulates that in a perfect market, assets with the same attributes should sell for the same price. This means that there should be no price differences for identical goods in different locations, as factors such as transportation costs should be reflected in the price. The concept is important in international trade, as it suggests that the price of a good should be the same regardless of where it is sold.

What Does the "Law of One Price" Stipulate