By 2016, About How Many Apps Were Available for Apple

question 25

Multiple Choice

By 2016, about how many apps were available for Apple devices?

• A) 35,000
• B) 100,000
• C) 375,000
• D) 750,000
• E) 1,600,000

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Definitions:

Externalities

External benefits and external costs.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and where use by one individual does not reduce availability to others.

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual price they receive.