There's a mini-controversy about pricing for Allod's Online. Keen has details. Allod's Online is a Free-To-Play game that started out in Russia. Apparently prices in the North American game are 10-20x times higher. (Keen says 20x, but all his examples are only 10x.) A bag that costs $2 in Russia costs $20 in the NA version.
So all the vocal gamers, parsimonious creatures that they are, are up in arms over this.
I don't know if the price is too high or too low. But consider this: Russia is a poorer country than the United States. Its GDP-Per-Capita is roughly a fifth of that of the States. Is it really so unreasonable to believe that if people in Russia are willing to pay $2, people in the States would be willing to pay much more? Heck, this is the land of $5 coffees!
I think a lot of times gamers take it as an article of faith that there is a large segment of people who are willing to pay small amounts of money to a micro-transaction shop. But maybe that group doesn't actually exist. Maybe the two major groups are people who will pay nothing, and people who will pay a lot. In that case, it's the best strategy to get as much money out of that second group as possible.
Edit: Also, the other thing that struck me was that there is a "level 10 rune that was $689 is now $6,890." Now, I have a hard time believing someone will pay $7000 for an item, but then again, I have a hard time believing someone paid $700. If the $700 item sold, then it is entirely possible the $7000 one will too.