Explain how South Korea’s import ban on Canadian beef affected beef producers and consumers in South Korea. Draw a graph of the beef market in South Korea to show how this ban changed the price of beef, the quantity produced, the quantity consumed, and the quantity imported.

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.