The law of one price states that different products and services in a market must have the same price.

Question

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The law of one price states that identical products or services in different markets should have the same price when exchange rates are taken into account. However, it does not require different products and services within the same market to have the same price. Prices may differ due to differences in quality, branding, packaging, and other factors that affect demand and supply.

The Law of One Price States That Different Products and Services