Question: Answer the following questions.
a. What are the features of the market for apps that make it competitive?
b. Does the information provided in the news article suggest that the app market is in long-run equilibrium? Explain why or why not.
c. How would an advance in development technology that lowered a developer's costs change the market supply and the developer's marginal revenue, marginal cost, average total cost, and economic profit?
d. Illustrate your answer to part (c) with an appropriate graphical analysis.