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AbstractThe Law of One Price (LOP) is important to models of international trade and exchange rate determination. This study investigates a variant of the LOP applied to developed and developing countries. The competing hypotheses are (1) that one price prevails in both developed and developing countries and (2) that one price prevails in developed countries and another single price in developing countries. Using data from an internationally competitive commodity (soybean meal), we founddoi:10.1017/s107407080002054x fatcat:vq6kjhjwlbehnkbi6oy6bb52y4