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^ Of course most products are priced according to what the market will bear. However, the recording industry takes this to a whole new level since they have a lock on distribution, and use their position to massively overcharge for their product. This is why the RIAA has been fighting so hard against piracy - they see their gravy train of enormous profits going away and are fighting to keep them.
Considering the huge number of illegal downloads of music, and the enormous success of iTunes and the $0.99 price per song model, I'd have to disagree and say most people are not willing to pay $12 for a CD.
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