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Spokespeople for the fast food industry claim that there are no good or bad foods, but instead there are good or bad diets. The industry has defended itself by placing the burden of healthy eating on the consumer, who freely chooses to consume their product outside of what nutritional recommendations allow. [30]
Factors influencing the threat of substitutes include: Switching costs – if customers do not lose anything by switching then the threat of substitution increases Price-performance trade off – if the substitute offers an attractive trade off between price and performance in relation to the industry product.
A PETA activist dressed as a chicken confronts the manager of the Times Square McDonald's over the company's animal welfare standards.. The American restaurant chain McDonald's has been criticised for numerous aspects of its business, including the health effects of its products, its treatment of employees, the environmental impact of its operations, and other business practices.
The fast-food industry has been wringing its hands over the devastating impact on its business from California's new minimum wage law for its workers. Their raw figures certainly seems to bear ...
Fast food was created as a commercial strategy to accommodate large numbers of busy commuters, travelers and wage workers. In 2018, the fast-food industry was worth an estimated $570 billion globally. [1] The fastest form of "fast food" consists of pre-cooked meals which reduce waiting periods to mere seconds.
On the other hand, the production decisions are strategic substitutes if an increase in one firm's output decreases the marginal revenues of the others, giving them an incentive to produce less. According to Russell Cooper and Andrew John, strategic complementarity is the basic property underlying examples of multiple equilibria in coordination ...
Meat substitutes represent around 11% of the world's meat and substitutes market in 2020. As shown in the graph, this market share is different from region to region. [48] From 2013 to 2021, the world average price of meat substitutes fell continuously, by an overall 33%. The only exception was a 0.3% increase in 2020, compared to 2019.
The paradox arises when a firm sells a product with few substitutes, which in turn allows the firm to increase the price of that product. The original reason was that as the price increases, the product will reach a point where it begins to attract more and more substitutes.