A couple of people have mentioned that the console business model is to make the money on content, like printers make their money on ink. The other factor is economy of scale, PC makers are building a lot of different models but the total volume for each is less than the model of a console. They build every console exactly the same, so the overall cost is significantly lower than it would be for a similarly configured PC.
Finally, the comparison is skewed because the console/TV combo isn’t really performing at the same level of visual clarity that a PC & gaming monitor are.
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