A series of competing price cuts which are likely to lead to losses for some or all of the competitors. Price wars are usually associated with an oligopoly. They may be started by a dominant firm with a predatory pricing strategy and an objective of driving one of the smaller players out of the market. They occur from time to time among newspapers, package holidays and petrol companies, among others. They usually do not last very long because profits are likely to be reduced for all. They will be followed by a much longer period of price rigidity.