Well yes and no. If you price in operations, wages and other overheads and a modest margin you will typically land just there. Sure, it depends a lot on the thing, and that multiplier is only the lower limit. If you create a butique guitar fuzz pedal that consists of five parts that multiplier can easily be much higher, especially if you somehow convince people to pay for that.

But if it was any lower you will sell at a loss unless you sell huge numbers.