Ethan Nicholas, Who Developed the IShoot Application for the IPhone

question 63

Multiple Choice

Ethan Nicholas, who developed the iShoot application for the iPhone 3G, found that to maintain sales in a profitable competitive market, the price of a product

• A) will usually rise.
• B) will usually fall.
• C) will usually remain stable.
• D) will eventually fall to zero.

---

Definitions:

Time-Discounted Profits

Refers to the current value of future profits after adjusting for the time value of money, acknowledging that receiving money in the future is less valuable than receiving the same amount now.

Chip Production

The manufacturing process of creating integrated circuits (microchips) used in electronic devices and components.

Evolutionary Stable Strategy

A strategy that, if adopted by a population in a game, cannot be invaded by any alternative strategy because it yields the highest payoff.

Saints and Crooks

An informal term likely referring to people or characters who are viewed as either morally virtuous or dishonest and unethical.