Feargal Quinn used to tell a great story about price wars and how markets work. Early on in his career, Quinn ended up getting into a price war over cornflakes with a competitor supermarket in Dundalk. Cornflakes were initially selling at one shilling and 11 pence. But after a series of tit-for-tat price cuts, Quinn was selling cornflakes for one and four, and his competitor was selling them for one and three.