Not all markets enjoy elastic pricing, though. Fast food has some inelasticity - like the $5 value meal mentioned - but aren’t closely restricted by firm design specs. So they can keep the $5 value meal looking the same, but cut quality or quantity to make it cheaper to produce.
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For me it was this… Essentially macdonalds used to be… won’t say good, but not that bad for the price. Portions were on the small side but flavor and content was not bad.
Last couple times I found myself staring at what looked like a pale photocopy of what quarter pounders used to be, and the price is comparable to a durum (which is the same questionable quality but you get much more bang for the buck). I won’t say it made me cry but was really really sad.
I guess nostalgia can drive sales only so far.
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THAT is their gimmick- the taste (or lack thereof) is consistent regardless of where you are in the world. And it’s their only real gimmick.
I worked there back in the mid 90’s when they tried the Arch Deluxe, which was aimed at grown ups with a more developed palate, and it was a dismal failure.
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McDonald’s is made with local ingredients, adapted to local tastes (no beef in India, for instance) and produced by local staff who have their cultural differences about service. Like the Japanese are fanatic on hygiene.
Plus there are variations between individual franchises within one country.
That said, I’ve had McDonalds 4 times since 2020 and it’s been disappointing each time. However I still want to try the 50th anniversary Double Big Mac.
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Ah, I remember eating some BITD - along with the old joke about them… one patty for each chamber of your heart. 
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McDonald’s Cokes are the only thing I get there any more. Whatever mix they use is tasty! Of course, it’s a once a month treat, so I guess I’m not adding to their disgustingly high earnings.
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The Indians do McDonald’s better than McDonald’s.
I doubled down on it, as they say, while staying in Delhi a few days.
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Stopped going long ago, for the price of mc d’s in the uk you can now eat in restaurant…
Its just not worth it.
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The snapping sound of chains pricing themselves out of their market.
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Another example of the fact that most people don’t have any money anymore, because for decades the rewards of increasing productivity and a growing economy have been concentrated more and more towards a small elite.
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