DY
“Flat expenses should not factor in.”
why not?
CA
“It’s something that’s low demand, hence any change in the price would considerably change demand for the worst”
I’m not sure what you are talking about? Fast food is low demand???
Look, I readily admit (as before) that I dont have definite answers. This has been looked at multiple times with economists divided on the issue.
As far as increasing prices, there is somewhat less of a divide , that prices would increase (Though still without unanimity) However, with many arguing that it still is better for the economy.
See for example “The Effect of the Minimum Wage on Prices” by a Sara Lemos which provides arguments for both sides (though does conclude that “a small increase” would likely result.
My only point is that it is far from certain