17 a Explain how South Korea’s import ban on US beef affected beef producers and consumers in South Korea.

b Draw a graph of the market for beef in South Korea to illustrate your answer to part (a). Identify the changes in consumer surplus, producer surplus and deadweight loss. South Korea will reopen its market to most US beef. South Korea banned imports of US beef in 2003 amid concerns over a case of mad cow disease in the US. The ban closed what was then the third-largest market for US beef exporters.