Assuming that South Korea is the only importer of Canadian beef, explain how South Korea’s import ban on beef affected beef producers and consumers in Canada. Draw a graph of the Canadian beef market to illustrate your answer.

South Korea will reopen its market to most Canadian beef. South Korea banned imports of beef in 2003 amid concerns over a case of mad cow disease. The ban closed what was then the fourth-largest market for Canadian beef, valued at $50 million a year.