[Note: Bragaland is a fictitious place made up by the instructor; having a made-up place allows us to consider hypothetical situations]

Bonecos Inc currently has copyright over a beloved cartoon show. This means that Bonecos Inc is the only company that can make toys and clothes with characters from this cartoon.

Next year, the copyright is set to expire, which will allow other firms to make toys and clothes with the characters.

What will be the effect of the end of Bonecos Inc's monopoly over the following variables (be sure to provide a one sentence justification for each of them):

1. Equilibrium quantity
2. Equilibrium price
3. Consumer surplus
4. Markup
5. Firm profits