(answered) – 1 Question: 1. According to the Copyright Act of 1790, aDescriptionSolution downloadThe Question1Question:1. According to the Copyright Act of?1790, a?copyright’s life was limited to 28?years, including extensions.?Today, copyrights are valid for the entire period of the?author’s life plus another 70 years. A copyright for a book that was published before 1923 is likely to have expired by?now, but books published after 1923 are still under copyright protection. Research has shown?that, of all the books that are in print?today, a larger proportion were published before 1923. This is despite the fact that the number of books being published every year has been steadily increasing. What do you think could explain the fact that most of the books available today are from the period before?1923?A. A copyright gives the owner an exclusive right to a piece of intellectual?property, thus allowing them to act as a monopoly. Monopolists typically reduce quantity supplied to drive up the price of the good that they produce.B. A copyright is granted to an individual or firm by the federal government and comes with a maximum quantity that the government will allow the copyright holder to produce.C. The costs of the inputs used to make books has increased sharply over?time, including paper and ink costs.D. All of the above.2. The following figure shows the market demand curve for?penicillin, an antibiotic medicine.?Initially, the market was supplied by perfectly competitive firms.?Later, the government grants exclusive rights to produce and sell penicillin to one firm. The figure also shows the marginal revenue curve?(MR) of the firm once it begins to operate as a monopoly. The marginal cost is constant at?$3, irrespective of the market structure.Refer to the figure above. After the market changes from perfectly competitive to a?monopoly:A. the social surplus decreases.B. the deadweight loss decreases.C. the market price decreases.D. the consumer surplus increases.3.? As this chapter?explains, a monopoly is an industry structure where only one firm provides a good or service that has no close substitutes. This question explores the last part of this definition further. In?1947, the United States government charged the DuPont Company with a violation of the Sherman Act. The government argued that DuPont was monopolizing the cellophane market. At?trial, the government showed that DuPont produced nearly 75 percent of all of the cellophane sold in the United States each year.?Nonetheless, the U.S. Supreme Court ruled in favor of DuPont and dismissed the case.Which of the following is a likely argument used by DuPont to convince the Supreme Court that it did not violate the Sherman?Act?A. Since DuPont only produced 75 percent of all?cellophane, not 100?percent, it is a?price-taker with no pricing power.B. As a?monopoly, DuPont was beneficial to the community since it hired many workers and paid high salaries.C. Cellophane is a small part of?consumers’ consumption, so monopoly pricing has not caused any harm to consumers.D. There are many close substitutes for cellophane such as aluminum foil and waxed?paper, so DuPont did not have significant market power.Sirius XM Satellite Radio and XM Satellite Radio were the only two satellite radio providers in the United States.The Department of Justice?(DOJ) and the Federal Communications Commission?(FCC) approved the merger of the two companies in 2008 even though?Sirius-XM would then control 100 percent of the satellite radio market. Which of the following arguments do you think Sirius and XM used to convince the DOJ and the FCC to allow the merger to?proceed?A. By stopping the?merger, it would have limited the amount of variety on the?radio, thereby limiting free speech.B. There are many close substitutes for satellite?radio; therefore,?Sirius-XM would not exercise market power.C. Compared to the
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