What is it called when a business sells goods for less than what they were worth to drive competitors out of business?

This practice is known as "predatory pricing." It involves a business setting prices low enough to undercut competitors, often below their own costs, with the intention of driving them out of the market. Once competition is diminished, the company may then raise prices to recoup losses and maximize profits. Predatory pricing can be illegal in many jurisdictions if it is deemed anti-competitive.