I'm not sure if people would just eat the cheapest food. Different foods make you feel differently after eating them, and provide different benefits. We'd probably choose to eat foods based on actual nutrition value instead of just "the cheapest" (if it was affordable for your budget).
As for McDonalds, they'd have to lower them because less people would eat there. They'd have to give some sort of actual incentive to eat there at all other than it just being convenient. More people would be packing turkey sandwiches for lunch.
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