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About
Snippet
Although
the
law
of
one
price
holds
for
goods
that
are
nearly
uniform
in
characteristics
and
quality
and
easily
traded
in
nearly
perfectly
competitive
markets,
many
-
if
not
most
-
goods
are
not
like
that.
Goods
of
the
same
general
type
may
be
differentiated
in
important
ways:
a
Lexus
LS
and
a
Ford
Focus
are
both
cars,
yet
they
are
very
different
cars,
and
there
is
no
reason
that
their
prices
should
be
identical.
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