Why does TLD pricing vary?

A Top Level Domain (TLD) is the last part of a domain name, such as .com, .net, .edu.  Very recently, many new TLDs have become available, including options such as .design, .basketball, .ink and .dentist.  Each TLD is run by a company called a “registry” and with all the new TLDs there are lots of new registries.  Registries are allowed to set pricing for names sold within their TLD and thus, there is now a wide variety of pricing.  Below is an explanation of some of the different pricing strategies:

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