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A day after the release of Apple’s iPhone application store, that was the question that Jason Fried over at 37signals asked. “Most [apps in the iPhone App Store] are $10 or less with the bulk at under $5. If that’s where the market settles out, developers who planned on making a living selling iPhone software may be in for market whiplash,” he wrote after sharing some early data on the price distribution of applications in the app store. To make money on $5-10 applications requires serious volume, said Fried. But he might actually have been wrong — it looks like there is room for developers to make a living developing low cost iPhone apps afterall.