Prices in a market are generally set by the highest bidder and/or the cheapest provider. Imagine four apple juice providers. It costs each of them $1 to produce one gallon of apple juice. To make a living, each charges an additional 50 cents and sells it for $1.50. Another provider enters the market, doesn't understand his own costs, and sells for 90 cents. Everybody else has to compete, and they all go out of business.
Another form is when the fifth provider understands his costs perfectly but charges 90 cents anyway because he is confident that he can outlast his competitors. Once they go out of business, the demand is still high, he undersupplies the market and raises his price up $2.50/gallon where the diehard apple juice fans are still willing to pay.
"Cut-throat competition, also known as destructive or ruinous competition, refers to situations when competition results in prices that do not chronically or for extended periods of time cover costs of production, particularly fixed costs. This may arise in secularly declining or "sick" industries with high levels of excess capacity or where frequent cyclical or random demand downturns are experienced."sources: wikipediaand my textbook...
is a now ruinous Norman medieval castle situated to the north of the village of Goodrich in Herefordshire, England
The ruinous reparation payments were suspended in 1931 and Hitler cancelled the military limits unilaterally in 1935.
competition for jobs
A monopoly is an industry or business having no competition.
Federal Comerce Commission
No Ruinous Feud was created in 1973-01.
The city had suffered a ruinous series of natural disasters. The couple's lifestyle resulted in ruinous personal debt, and eventual bankruptcy.
The girl was trying be ruinous to the other students.
Causing, or tending to cause, ruin; destructive; baneful; pernicious; as, a ruinous project., Characterized by ruin; ruined; dilapidated; as, an edifice, bridge, or wall in a ruinous state., Composed of, or consisting in, ruins.
ruin
I'm pretty sure it's the interstate commerce commission "ICC"
"Cut-throat competition, also known as destructive or ruinous competition, refers to situations when competition results in prices that do not chronically or for extended periods of time cover costs of production, particularly fixed costs. This may arise in secularly declining or "sick" industries with high levels of excess capacity or where frequent cyclical or random demand downturns are experienced."sources: wikipediaand my textbook...
3
the competition is the 74th annual if that is what you mean
White elephant
Dooms day mean day of ruins or destruction or disasters.Doom means:Inevitable destruction or ruin.Fate, especially a tragic or ruinous one.Judgment Day.