Manufacturing cost, materials cost, complexity of manufacture are all small parts of the equation, but the primary driving force on the price of revolvers (or shoes, or televisions or anything else) is; "what will the market bear?"
I am a pretty hardcore economic libertarian, and I think I "get" markets.
What you don't seem to understand is that manufacturing cost is a very important part of the equation. If revolvers cost $500 to produce, and the wholesale price is $400, there would BE NO REVOLVERS.
The fact that Glock can sell something that costs $75 to produce for $500, and Ruger can sell something that costs $200 to produce for $500 -- those are market-driven prices.
However, there are essentially no more American SxS shotguns, when there once were many. The reason is because they cost more to produce in America than people are willing to pay for them.
One misconception of the Information Age is that commodities are all really cheap to produce. They're not.
Furthermore, if Ruger could sell good revolvers for $200 each and get an acceptable ROI, then they would -- because it would drive their market share up to 95%+ -- unless S&W figured out how to compete, or unless the revolver is a luxury good with a reverse demand curve (the Tanqueray Effect).
Markets most certainly do set prices -- but consumers are not the only participants in markets, at least when you're talking about tangible goods that cost significant amounts of money, both up front investment and ongoing costs, to produce.