A more thorough explanation:

Definition: Meeting-competition defense is a legal defense used in antitrust cases where the defendant argues that they lowered their prices in good faith to match a competitor's equally low offer.

Example: Let's say a company, ABC Corp, sells a product for $50 to a customer. Later, another company, XYZ Corp, offers the same product to the same customer for $40. In response, ABC Corp lowers its price to $40 as well. If ABC Corp is accused of price discrimination, they can use the meeting-competition defense to argue that they lowered their price in good faith to match XYZ Corp's offer.

Explanation: The meeting-competition defense is used to protect companies from being accused of price discrimination when they lower their prices to match a competitor's offer. In the example above, ABC Corp used the defense to argue that they were not engaging in price discrimination, but rather were trying to stay competitive in the market. This defense can be used in antitrust cases to show that the company's actions were not anti-competitive, but rather were a legitimate response to market conditions.