What would the following look like on a graph?

Show the market equilibrium before (with the lower licensing requirement) and after (with the tougher license requirement). What happens to price, quantity, and consumer and producer surplus when the licensing requirement changes?

The market equilibrium before was at P1, with quantity Q1 and consumer surplus CS1.

- After the regulation change, the market equilibrium shifted to P2, with quantity Q2 and consumer surplus CS2.

- Price increased from P1 to P2, quantity decreased from Q1 to Q2, and consumer surplus decreased from CS1 to CS2.