Answer : Law of One Price is the concept of economics which states that the prices of the similar or same or identical commodity have the same price across world , irrespective of the fact of location , when certain factors are considered.Presence of Arbitrage opprotunities is responsible for the existence of law of one price market.In Law of One price , it has been assumed that thesre is no transportation cost , no legal restrictions , no exchange rate fluctuations , no influence of buyer and seller.Therfore we can say that Law of Price is concept which assumes such fictious market and states that the prices of the similar or same or identical commodity have the same price across world irrespective of the fact of location.
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