The last 10 years have revolutionized. Thinking about prices. Both in theory and research, the simple 10 cents for an orange concept of price has given way to a recognition that price is a complicated formula, and that the law of single price is limited to very small areas.

For many years, it has been recognized that export prices may suf fer from domestic prices. Many countries have antidumping laws to prevent foreigners from selling in their markets too cheaply. In some cases legislation has also been directed against sale abroad at levels below those at which the products are made available to domestic consumers. Both sets of laws recognize that price differences may and do exist.

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