Apple revolutionized the mp3 industry when it entered the market with the iPod; downloading music and the iTunes store became the norm.

Question: Apple revolutionized the mp3 industry when it entered the market with the iPod; downloading music and the iTunes store became the norm. Soon companies such as Pandora, Songza, and Spotify started to offer online streaming services, and the download market began to shrink. Which type of economic rents are these new entrants capturing?

  • Ricardian or resource-based rents
  • Monopolistic rents
  • Schumpeterian or entrepreneurial rents

Answers: Ricardian or resource-based rents

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