Final answer:
Concession dumping refers to the practice of selling goods below their cost of production to drive out domestic competition. It is a form of predatory pricing that aims to establish monopoly power in a market.
Step-by-step explanation:
Concession dumping in the context of trade refers to the practice of selling goods below their cost of production. This is done by foreign firms for a short period of time with the goal of driving out domestic competition. Once the competition is eliminated, these firms can then raise prices to increase their profits.
Concession dumping is often seen as a form of predatory pricing, where foreign firms use low prices to gain market share and then exploit their monopoly power. It is not a strategy to increase exports but rather a tactic to eliminate competition in a particular market.