In the early 1980s, typical round-trip coach air fares from the East Coast to London were over $500. Then Freddie Laker introduced the

People’s Express, a competing service into Newark at $350. Major airlines matched his price—and continued to do so until they drove

People’s Express out of business. Then prices shot back up to over $500. A lawsuit filed under the Sherman Act resulted in the judgment that the major airlines had explicitly tried to destroy a competitor. The experience of People’s Express is an example of __________ on the part of the major airlines.