a. Assuming that South Korea is the only importer of U.S. beef, explain how South Koreas import

Question:

a. Assuming that South Korea is the only importer of U.S. beef, explain how South Korea’s import ban on U.S. beef affected beef producers and consumers in the United States.
b. Draw a graph of the market for beef in the United States to illustrate your answer to part (a). Identify the changes in consumer surplus, producer surplus, and deadweight loss.