That does not mean you can buy a one way fare for that price. If you are visiting more than one destination, consider buying an open jaw ticket. As long as the fares allow it, an open jaw fare is usually just the average of the two roundtrip fares. It will often help you avoid wasting time and money retracing your steps. The penalties for changing or canceling a ticket you have purchased vary widely depending on the fare.
Cancellations involve the same processing fee, but usually no money is refunded.
You are given a credit for the remaining amount, which can be used towards future travel on the same airline. There are also some fares that don't allow any changes or refunds at all or have much higher penalties. So make sure you are aware of all the change and cancellation rules before you purchase your ticket. Keep in mind that all the factors listed above are general rules and do not apply to every fare. These are fares that are offered directly by the airline and can be purchased either through the airline or from any travel agent.