Final answer:
The Law of One Price in Economics states that identical goods should have the same price regardless of the location. This concept is important in international trade.
Step-by-step explanation:
The subject of this question is Economics. Specifically, it relates to the Law of One Price. This law states that in a competitive market, identical goods should have the same price regardless of the location.
In this case, a suit selling for $150 in Corvallis should have the same price elsewhere, assuming transportation costs and trade barriers are negligible.
This concept is important in international trade and helps explain why prices can vary across different countries.