The proposition that if transportation costs are relatively small,then the price of an internationally traded commodity must be the same in all locations,is called

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The proposition that if transportation costs are relatively small, then the price of an internationally traded commodity must be the same in all locations is called the law of one price. This suggests that in an efficient market, there should not be any arbitrage opportunities from buying low and selling high across different markets.

The Proposition That If Transportation Costs Are Relatively Small,then the Price