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LOL in the olden days they called that a "gas war". One gas station would drop and post their price then another across the street and go just under and so on and so on. The consumer was the winner. They also gave away prizes for buying their gas. There is no word for it in English but the Italians have a word for it. "legnappe", which means "getting more than you expected when you purchase something".
There is another tactic that is more like what you experenced. That is called "predatory economics". This is when a seller prices their goods at below cost and takes a loss in the hopes of driving the compitition out of the market. Once they have done that they can set their price anywhere they want to. There is another country I will not name that is fond of this tactic.
Talk about rage.........
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