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concession

noun [C] (LOWER PRICE)
 
 
/kənˈseʃ.ən/ UK

Definition

C2 a reduction in the usual price of something, made available to students, old people, etc.: You can get travel concessions if you are under 26.Value and price decreases
(Definition of concession noun (LOWER PRICE) from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

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