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The prices of ebooks (like the prices of most goods) are not driven by production costs, but by what the market will bear.
In most markets, there exists a sufficient level of competition to lower the prices to a point of balance. That isn't happening in the ebook market because five of the biggest publishers (aka the "Agency 5") have formed a cartel to keep prices artificially high. Bad for the readers, great for the indie writers/publishers as they watch their mainstream competition doing its best to price itself out of the market.
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