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Law of one price

The proposition that where the same good or asset is traded in different markets, the prices will not diverge. If prices do diverge, a profit can be made by arbitrage, that is buying in the cheaper market and selling in the dearer. This assumes that information about both prices is available, and that goods or assets can be transferred freely between the markets. By extension, the law of one price can be taken to imply that where there are costs of transferring goods or assets, prices will not diverge by more than the transfer costs; they may course diverge less than this. The application of this law to goods markets is inhibited by the fact that transfer of goods between markets takes time as well as money.

Reference: Oxford Press Dictonary of Economics, 5th edt.