A price war is a form of market competition in which companies within an industry engage in aggressive pricing strategies, “characterized by the repeated cutting of prices below those of competitors”. This leads to a vicious cycle, where each competitor attempts to match or undercut the price of the other. Competitors are driven to follow the initial price-cut due to the downward pricing pressure, referred to as “price-cutting momentum”.
Price wars have been documented in airline markets around the world
Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss. Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including recognition.
Competition in sports. One selection of images showing some of the sporting events that are classed as athletics competitions.
The Department of Justice building in Washington, D.C. houses the influential antitrust enforcers of U.S. competition laws.
The United States Olympic Committee's headquarters in Colorado Springs, Colorado. The Olympic Games are regarded as the international pinnacle of sports competition.
