When one gas station lowers its price a penny, the station on the other corner of the intersection lowers its price, followed by the gas stations on the next block, and so on, until nearly every gas station in town has lowered its prices. This situation illustrates .

PRICE WAR

Explanation:

Often when businesses begin to compete for market share by lowering their prices, it leads to "price war". Rather than increase market share, it often leads to losses as cost outstrips the selling price. A number of business leaders (such as Therese Kuster, Benjamin Leis) have advised that emphasising quality rather than cheapness is the right strategy to adopt.

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