Mario Kart World MSRP is $79.99 USD.
https://www.nintendo.com/us/gaming-systems/switch-2/featured-games/
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Cartridges cost a lot more to produce than cheap, plastic discs or modern, SD card-esque flash storage.
Games in 1994 cost on average $60. That’s about $128 today. The cost of production of those games was at most a few dollars more in materials. Not nearly enough to explain the price difference. Games were simply more expensive then than they are now.