You are the CEO of Apple Corporation, and you are elated at the profits on your most recent apple iPhone 14, which is far more popular than any of the models your monopolistically competitive rivals have on the market. You feel that you can look forward to many years in your current position as the shareholders are extremely pleased with the returns you are generating for them.

Discuss the nature and the contents of challenges that Apple corporation is exposed to from its competitors.

Explain how Apple corporation can sustain profitability in the long run from the iPhone product range.