Final answer:
The practice of offering a burger, fries, and a drink at a reduced combo price is known as product bundle pricing, which provides a better price for multiple products.
Step-by-step explanation:
The practice of Smashburger's competitors offering a burger, fries, and a drink at a reduced “combo” price is known as product bundle pricing. This strategy allows consumers to acquire multiple products or services for a better price than purchasing them separately. Product bundle pricing is often more appealing to customers and can be common in various industries, from fast food to computer software, where bundled programs are offered with new computer purchases.