The major BP oil spill in the Gulf of Mexico substantially reduced the harvest of shrimp and other seafood V in the Gulf, but had limited impact on the prices that U.S. consumers paid in 2010 (Zhao, Emmeline, "Impact on Seafood Prices Is Limited," Wall Street Journal, June 20, 2010). The reason was that the United States imports about 83% of its seafood and only 2% of domestic supplies come from the Gulf. Use a supply-and-demand diagram to illustrate what happened. Consider the market for seafood in the U.S. illustrated in the figure to the right. Suppose supply is initially S', but it decreases by a small amount to $2 after the BP oil spill. Show why the price of seafood did not change by much in the U.S. after the BP oil spill. p. $ for seafood 1.) Using the point drawing tool, indicate the original market equilibrium price and quantity of seafood. Label this point 'ey ." 2.) Using the point drawing tool, indicate the new market equilibrium price and quantity of seafood. Label this point 'e2- Carefully follow the instructions above, and only draw the required objects. Q, quantity of seafood