Apple vs. Universal

According to the New York Times,"The Universal Music Group of Vivendi, the world's biggest music corporation, last week notified Apple that it will not renew its annual contract to sell music through iTunes..." Universal is unhappy about selling popular songs at the itunes' rate of $.99. But, as one commentator wrote (source unknown) isn't it better to sell a song for $.99. than to simply allow hackers to copy the song for free?

Questions for Discussion:
1. How much is a song worth? Explain how/why different songs might be worth different amounts of money.
2. What's the definition of a monopoly? Is it possible that Apple is developing a monopoly as it sells both the ipod and music from itunes? I believe that itunes is incompatible with other MP3 players.
3. In what ways could an understanding of the online business industry help promote financial wealth?