Serrated teeth cut efficiently for much longer without needing to be sharpened. They can use them for months without any maintenance other than cleaning. A straight blade would need to be sharpened regularly.
Edit: there’s also the fact that when being served at a restaurant you use the knife on a plate. Ceramic or porcelain. This will dull knives far quicker than a butcher block or proper cutting board.
Edit 2: the butcher is also going to get a nicer finish on his cuts, making it easier to sell a $25 steak. If you’re cutting it yourself to stuff it into your maw you’re not gonna care if the cut isn’t super pretty.
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