[Thaumatology] Setting magic item prices to make economic sense

[Anthony]

Originally Posted by Pursuivant

The only magical setting I've seen where cheap enchantments are plausible, given the demographics, is the Harry Potter setting.*

I've seen plenty of settings where cheap magical items are plausible, they're just not rare magic settings, and they either aren't low tech (I mean, they might be TL 3+4 or something, but not TL 3) or the magic items have very limited functions.