Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

English definition of “law of one price”

law of one price

noun [S]
 
 
ECONOMICS the principle that in a perfect financial market goods would have the same price everywhere: Mobile phones reduced price differences across fish markets by almost 60% in four years, an almost-perfect example of the "law of one price."
(Definition of law of one price from the Cambridge Business English Dictionary © Cambridge University Press)
What is the pronunciation of law of one price?
Add Cambridge dictionaries to your browser to your website

Word of the Day

maiden

a girl or young woman

Word of the Day

Countability – grammar codes

by Dom Glennon​​,
November 26, 2014
Advices and informations Have you ever noticed strange codes in square brackets on entries in Cambridge Dictionaries Online and wondered what they mean? These are grammar codes, giving you a brief summary of how that word behaves grammatically. More information can be obtained by hovering your cursor over the code, and there’s

Read More 

ped-text verb

November 24, 2014
to text someone while walking I’m ped-texting, I’m looking down at my phone, 75 percent of the time.

Read More