Use the graph to answer the following questions about CDs. 
a.What is the equilibrium price of CDs before trade?
b.What is the equilibrium quantity of CDs before trade?
c.What is the price of CDs after trade is allowed?
d.What is the quantity of CDs exported after trade is allowed?
e.What is the amount of consumer surplus before trade?
f. What is the amount of consumer surplus after trade?
g. What is the amount of producer surplus before trade?
h. What is the amount of producer surplus after trade?
i. What is the amount of total surplus before trade?
j. What is the amount of total surplus after trade?
k. What is the change in total surplus because of trade?
Definitions:
Interaction
The reciprocal action or influence between two or more entities or substances, often leading to a particular outcome.
Competitive Situation
A scenario where individuals or groups are in opposition to each other, seeking to achieve a goal that cannot be attained by all contenders.
Personality Research
The study of characteristic patterns of thoughts, feelings, and behaviors that make a person unique, and how these patterns evolve over time and across situations.
Hypothesis
A proposed explanation for a phenomenon, made as a starting point for further investigation, which can be tested and falsified through research and experimentation.
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