Quality meat? Quality cooking? Staff and other overhead costs? Etc.
In: Economics
As everyone else has said, ingredients, the quality of said ingredients, the labor, the skill of said labor, overhead like rent/utilities/cleaning/maintenance, and finally, profit.
For example, at a fancy steak house, you’re more likely to get a USDA Prime rated steak. Most grocery stores only sell the next level down – USDA Choice. Thus, it’s a superior quality cut of meat which means it has a higher price point. Also consider the skill of the staff. They’re generally not going to bring in a head chef fresh out of culinary school to build a menu, but will want someone with experience. That experience means they can command a higher salary which translates into higher menu prices.
Generally, the adage of “you get what you pay for” will apply. And if a restaurant starts to cut corners and go for the cheaper cuts, the less experienced staff, the lower quality cleaning services, the reviews and resulting business will reflect that change over time.
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