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The principle of PPP is the extension of the law of one price to prices of a basket of goods. In its absolute form, PPP says that the dollar price of a basket of goods in the United States is the pound price of the basket i... In its relative form, PPP says that the rate of change of the exchange rate is approximately equal to the differe Speculation and efficient markets also produce the relative form of the PPP condition in ter Empirical support for the PPP condition is high, although there is some evidence it may The reasons the law of one price and PPP do not hold include transportation costs, tariffs, quotas, and the fact that there are goods an