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Wagram said:

Alright you want facts? Let's see how well your games sell if prices go up all around. I hope devs like making no money unless it's a popular franchise.

The implication here (higher prices than we currently have would equate to lower sales) is verifiably false.

http://arstechnica.com/gaming/news/2010/10/an-inconvenient-truth-game-prices-have-come-down-with-time.ars

Even the more expensive games of the time sold very briskly. Super Nintendo games - which sold better than Gensis games - were more expensive still.