What does price embody ? Do we constantly undervalue some type of products? I'm not sure to fully get the meaning of prices. If I understand well, there
are two drivers of it :

The theory of demand and supply and thus prices are driven partly by the utility that agents get from it.

Production costs : On the long-run, prices look to converge towards something like the minimal cost of their production due to the fact that the supply side innovates enough to reach this (that's my interpretation). So on the long run prices of things tend to decrease.
But then, is there something such as the price reflecting the actual utility that consumers get from it ?
Indeed, some goods are really cheap because there is a strong competition on it but nevertheless, they
give their consumer a big utility (coffee for instance). Given the competition, even if the disposal to pay of consumers is more than 2€, they pay it 2€ (because no supplier could raise its price
withou losing all the market).
Therefore, we could have something like : all the goods that are produced at their marginal cost are underrated, have an underrated value and the true disposal to pay of people for it is higher. There's probably a flaw in my argumentation but I don't see it.
Does anyone have an idea ?
People have different tastes, needs, and budgets. So it doesn't make much sense to speak of the willingness to pay (WTP) of &quot;the consumers&quot;. Each consumer has his or her own WTP for, let's say, a cup of coffee. If Alice' WTP is 1€ and the price is 2€ she will not buy. If Bob's WTP is 5€  then he will buy and enjoy the surplus. From Bob's perspective the cup of coffee might then seem &quot;undervalued&quot;, and from Alice' perspective it is &quot;overvalued&quot;, but that's not how you would generally use this term.
And forget about the price reflecting a consumer's &quot;actual utility&quot;. Utility is an ordinal concept. Under some technical assumptions you can turn it into a cardinal concept by &quot;measuring&quot; utility by WTP. But then, as above, the price &quot;reflects&quot; this utility (price = WTP) only for the marginal consumer, i.e. the one who is indifferent between buying and not buying.
So to answer your title question: Price just &quot;embodies&quot; an amount of money per unit with the property that in some given time period consumers want to buy as many units as producers want to sell. And &quot;we&quot; don't &quot;undervalue&quot; some products, since there is no &quot;we&quot; that values products, there are only single consumers who do so.