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In the end the developer/publishers decides what they think is a good price to sell at and you as a consumer decide whether it's a good price to pay. And if you don't want to pay that price, that's ok. Doesn't mean the developer/publisher has to lower the price.
The price for the game is very cheap for me, but my financial situation is likely quite different than yours.
It came out nine years ago... not "decades", not even one decade.
Not everyone has the same financial situation as you.
They sell more if they are more expensive. If you make something appear very cheap, people that are browsing, assume it is not worth it. Many people simply look at the price, and they see a game that is 0.79 cents, and automatically assume it's a low quality product, and they won't even touch it. But if you make it appear expensive, people think: "Hey, this may be worth it, because look how expensive it is."
Upside is a lot of games get a lot of attention for years after launch, so it's not like we're not getting nothing for this tradeoff.