"So, why are the margins so bad? Well, it starts with the fact that the industry as a whole shot itself in the foot by competing on price." "This failure to ma

"So, why are the margins so bad? Well, it starts with the fact that the industry as a whole shot itself in the foot by competing on price." "This failure to manage expectations has simultaneously obliterated margins, all the while skewing and reinforcing our perception of what food should cost." Wait, what? Thin margins are somehow a result of a "failure to manage expectations"? That almost makes it sound like the root of the problem is not enough price collusion among restaurant operators. If there's a lot of competition, it's because the barriers to entry are relatively low, certainly lower than any of the other higher-margin examples given by the author. That's the boring truth, which is admittedly not nearly as gripping as the narrative that restaurants are victims of a "price war".