Abstract
Let’s take an example of two restaurateurs in New York City. One owns Cafe Cubano and the other owns the Fountains restaurant and bar. The restaurateurs are considering dropping their menu prices in the hope that lower prices will attract more customers. But they are concerned whether lowering the menu price will hurt the perceived quality of the food. Can menu price affect the perceived quality of food? Will lowering the price hurt food quality ratings at these restaurants?
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