A company in the competitive widget-making industry develops a new production method that halves its manufacturing costs. As a result, this company can lower its prices and still increase its profits. What is the most direct and significant pressure this situation creates for rival widget-making firms?
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A company in the competitive widget-making industry develops a new production method that halves its manufacturing costs. As a result, this company can lower its prices and still increase its profits. What is the most direct and significant pressure this situation creates for rival widget-making firms?
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