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English definition of “price war”

price war

noun [C]    
COMMERCE a situation in which companies compete with each other by reducing prices: a fierce/vicious price war A fierce price war has buffeted the US car business and caused deep unease in Detroit, the home to the industry. A petrol price war broke out between supermarkets this week.
(Definition of price war noun from the Cambridge Business English Dictionary © Cambridge University Press)
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