price war

noun
intensive competition, especially among retailers, in which prices are repeatedly cut in order to undersell competitors or sometimes to force smaller competitors out of business.

Origin:
1925–30

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World English Dictionary
price war
 
n
a period of intense competition among enterprises, esp retail enterprises, in the same market, characterized by repeated price reductions rather than advertising, brand promotion, etc

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Example sentences
Dealer lots are clogged with inventory, and a price war seems to be taking off.
The history books imply that the collapse was caused by technical drawbacks and
  a price war.
And in an almost static market in which the share of imported wines is growing,
  a price war looks only too likely.
Managers from all three ports mutter darkly about an impending price war.
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