The above figure shows the market for steel ingots. What is the change in consumer surplus if the market switches from competitive equilibrium to social optimum?

File-sharing programs such as Napster, Kazaa, and iMesh make it possible for individuals to exchange music files over the Internet

All else constant, which of the following statements best describes how the development of these programs has affected the retail market for new music CDs? A) Demand for CDs has decreased, causing equilibrium price and quantity to decrease. B) Demand for CDs has increased, causing equilibrium price and quantity to increase. C) Demand for CDs has decreased, causing equilibrium price to decrease and equilibrium quantity to increase. D) Demand for CDs has increased, causing equilibrium price to increase and equilibrium quantity to decrease.

Economists believe mergers can sometimes achieve greater efficiency than two companies that do not merge

a. True b. False Indicate whether the statement is true or false