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

question 109

Multiple Choice

In August 2008, Ethan Nicholas developed the iShoot application 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:

Tag

A label or keyword assigned to a piece of information (like a digital file, photo, or web page) that helps describe it and allows it to be found again by browsing or searching.

Table Shading

The application of color or pattern fills to cells, rows, or columns in a table to enhance readability or aesthetic appearance.

Paper Size

The dimensions of a sheet of paper used in printing, which vary based on standards like A4, Letter, or Legal.

Combo Box

A graphical user interface widget that combines a dropdown list or list box and a single-line textbox, allowing the user to select an item from the list or enter a new one.