Competing on price is something all business do anyway, at least as long as there is competition.
What McKinsey and the rest of the scumbags have taught CEOs is to be aggressive, cheating and ruthless at cutting costs no matter what. That's how we ended with almost all manufacturing and associated know-how getting shipped over to China (sometimes literally - they bought an entire steel manufacturing plant in Germany's Ruhrpott, tore it down and reassembled it in China [1]!), that's how we ended up with the clown show that is Boeing, that's how we ended up with "employee loyalty" not being a thing any more in either direction.
[1] https://www.wiwo.de/unternehmen/wiwo-history-tatort-dortmund...
> Competing on price is something all business do anyway
Not if none of the competitors do, that was the point of the comment if they all think the competitors aren't competing on price then it becomes an informal price fixing scheme.
Exactly, and there are plenty of examples within the tech industry. Apple/Android app store fees didn't end up at 30% because of ruthless competition that drove margins down to almost nothing. If a market is controlled by a duopoly the two parties can easily keep prices absurdly high and everyone else has to just deal with it.