According to the latest report from Bloomberg, Apple might be expanding their iPhone lineup to include the entry-level market. These rumors (at least until proven as true) from an unknown source they have stated that Apple will be creating smaller, cheaper and more universal iPhones that will be priced at $200 – without a contract. Talk about budget-priced! A $200 iPhone will be in the market to compete against budget Android devices, but will have the app ecosystem of iTunes to give it an edge over the competition. If Apple does release this cheaper iPhone, it will most probably be quite a hit if they pull it off nicely. The cheaper iPhone is rumored to be smaller, and will come with a less impressive display (no Retina Display in case you were wondering) and it will use a universal SIM card. Well, it doesn’t sound too farfetched at all, but as usual – until Apple makes an official statement about such devices, we’ll be taking these rumors with a pinch of salt. Would you be keen on purchasing a cheaper-version iPhone? How about a cheaper iPad?