If there is a global recession then why do all companies just not cut prices?

If there is a global recession then why do all companies just not cut prices?
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Answer :

The problem is that it’s the companies which are losing money, which is why employees’ income is being reduced and people are losing their jobs. If the companies cut their profits, more people are going to lose their jobs and therefore more people are going to be unemployed and those people will stop buying more expensive things which will cause other companies to lose money. It’s a downward-spiral unfortunately.
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