The inventions of the VCR and DVD player and recorder have extended the "shelf life" of many TV shows and movies. It's as though we suddenly. found a way for our clothes and appliances to last longer. Watching old movies and old TV shows at home on your DVD player is a substitute for new TV shows and movies in the theater.

a. What effect do these new devices have on: i. The incomes of TV and movie stars? ii. The incomes of mediocre (OK, but not so great) actors

b. Suppose you are a successful novelist and Congress is considering pass- ing a law preventing any resale of used books. Would you be in favor of this law or would you oppose it? Why?