(4 points)Because of copyright laws, each textbook could be considered a monopoly; no one other than the publisher can reproduce and commercialize that textbook. Textbook publishers hope to maximize profits. Authors, however, face very different incentives. Authors are typically paid royalties, which are a specified percentage of total revenue from the sale of a book. And so, for example, if an author's contract says that she will receive 20 percent of the revenues from the sale of a text and the publisher's total revenues are $100,000, the author's royalties will be $20,000. Who will prefer a higher price for the text, the publisher or the author? [Explain clearly and make sure you include figures to support your answer.]