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4. Monopoly in the market for intellectual property Initrode is launching some new software. Developing the new software involves a relatively high fixed cost of roughly $12 million. Initrode's marginal cost of producing the software is zero. Having obtained a copyright, Initrode acts as a monopolist in the market for its new software. The following graph shows the demand, marginal revenue (MR), and average total cost (ATC) curves for the software. Keeping in mind that the marginal cost (MC) of production is zero, the profit- maximizing quantity of the software is units, and the profit-maximizing price is per unit of software. On the graph, use the green triangle (triangle symbols) to shade the area that represents consumer surplus at Initrode's profit-maximizing price. Then use the grey rectangle (star symbols) to shade the area that represents tocal cost at the profit-maximizing output level. Finally, use the orange rectangle (square symbols) to shade the area that represents Initrode's profit at the profit-maximizing price and quantity. (?) Consumer Surplus 120 190 Toul Cost PRICE (Dollars) Profit Gain in Surplus QUANTITY (Hundreds of thousands) The socially optimal, or efficient, quantity of software is units. Suppose that Initrode incurs the fixed cost of developing the software and sells the profit-maximizing quantity at the profit-maximizing price. Consider all of the consumers with a zero or greater willingness to pay who did not purchase the software at the profit-maximizing price. Assume that all of these consumers make pirated copies of the software for free. On the preceding graph, use the can triangle (dash symbols) to show the gain in recal surplus from the software piracy. True or False: If the government requires Initrode to set the price of its new software equal to marginal cost, the firm will incur a loss. O True O FalseHaving obtained a copyright, Initrode acts as a monopolist in the market for its new so revenue (MR), and average total cost (ATC) curves for the software. Keeping in mind t maximizing quantity of the software is units, and the profit-maximizing 200,000 On the graph, use the green triangle ( bols) to shade the area that represe use the grey rectangle (star symbols) 400,000 e area that represents total cost at th rectangle (square symbols) to shade th 800,000 represents Initrode's profit at the p 720,000\fThe socially optimal, or efficient, quantity of software is units. Suppose that Initrode incurs the fixed cost of developing 800,000 are and sells the profit-maxim all of the consumers with a zero or greater willingness to 200,000 lid not purchase the software these consumers make pirated copies of the software fo 400,000 720,000 On the preceding graph, use the tan triangle (dash sym. w the gain in total surplus fro