a. Draw a graph of the market for downloadable music with a price of $1.29 for all

Question:

a. Draw a graph of the market for downloadable music with a price of $1.29 for all the latest songs. On your graph, show consumer surplus and producer surplus.
b. With a price of $1.29 for all the latest songs, is the market efficient or inefficient? If it is inefficient, show the deadweight loss on your graph.