Latches are fundamental electronic components used in digital circuits to store binary information temporarily. They are bistable devices, meaning they have two stable states (0 or 1) and retain their current state even after the input signal is removed. Latches are commonly used in memory circuits, data storage elements, and control systems to store and control the flow of digital data. Basic latches with standard features and lower bit capacities can be relatively affordable. However, latches with higher bit capacities, advanced features like edge triggering, or those designed for specific applications may cost more, ranging from several dollars to tens of dollars. When purchasing latches, determine the type of latch required for your application based on its functionality (e.g., transparent or edge-triggered), input/output configurations, and operating voltage levels. Check the latch's speed specifications (propagation delay) to ensure it meets your system's timing requirements. Also, consider the latch's power consumption, especially for low-power or battery-operated applications.