Final answer:
The concept that buyers will not pay more for a similar property that is less expensive is known as the law of one price.
Step-by-step explanation:
The concept that buyers will not pay more for a similar property that is less expensive is known as the law of one price.
This concept states that in an efficient market, identical goods should have the same price. If a similar property is being sold at a lower price, buyers would not be willing to pay more for the same product.
For example, if two houses are identical in terms of size, location, and amenities, but one is priced significantly lower than the other, buyers would choose the less expensive property, resulting in a lower demand for the higher-priced property.