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Consider the cigarette industry in 1993. On Marlboro Friday, Philip Morris (PM) cut prices by 20% on its flagship brands. In response to this, Wall

Consider the cigarette industry in 1993. On Marlboro Friday, Philip Morris (PM) cut prices by 20% on its flagship brands. In response to this, Wall Street cut PM's stock price by an even larger amount: 23% in one day. Was this a smart move by Philip Morris?

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