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:

Fossilized Form

The preserved remains or impression of a living organism in stone, capturing its appearance at the time of the organism's death and mineralization.

Organism

A living entity, such as a plant, animal, fungus, or microorganism, that is capable of growing, reproducing, responding to stimuli, and maintaining homeostasis.

Extinct Animals

Species of animals that have died out and no longer exist on Earth.

Fossils

Preserved remains, impressions, or traces of once-living organisms from the past, typically found in sedimentary rocks, providing insights into the history of life on Earth.