Beardy, very simplistic view. Lets say each bakery sells their pies for $5. One makes them for $2.00, both the others $4. One drops his price to $3, still makes money, the others follow suit and eventually go out of business. One bakery left, charges $5 as they were originally and increase amount sold.
The defining factor here is the extraction cost which no other miners can compete with rio and bhp. Protecting their cost advantage is paramount and i cant see the logic behind any other arguement.
Walsh is wrong on output, page-2
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