In August 2008, Ethan Nicholas Developed the IShoot App for the Apple

question 16

Multiple Choice

In August 2008, Ethan Nicholas developed the iShoot app for the Apple iPhone 3G, and within five months had earned $800,000 from this program.By May 2009, Nicholas had dropped the price from $4.99 to $1.99 in an attempt to maintain sales.This example indicates that in a competitive market,

• A)earning an economic profit in the long run is extremely easy.
• B)earning an economic profit in the long run is extremely difficult.
• C)it is impossible to earn an economic profit in either the short run or the long run.
• D)economic profits are only earned in the long run.

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Definitions:

Workforce Multiskilled

A workforce composed of employees who are capable of performing a variety of tasks or functions across different roles or departments.

Capacity Management

The practice of planning and controlling the resources needed to meet product demand, while optimizing operational efficiency and managing production capacity.

Production Machinery

Production machinery encompasses the mechanical devices and equipment used in the manufacturing process to produce goods.

Capacity Management

The practice of planning and controlling the resources of an organization or system to ensure optimal performance.