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The nation of Pacers has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions,
The nation of Pacers has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing rice, exporting steel, and neither importing nor exporting TVs. What can you conclude about the Pacers producer surplus, consumer surplus, and total surplus now? Please draw a graph to illustrate your answer.
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