Question: b. On your graph (or draw a separate one) show what happens to consumer surplus and to producer surplus when the licensing requirement changes. Explain

b. On your graph (or draw a separate one) show what happens to consumer surplus and to producer surplus when the licensing requirement changes. Explain briefly. Is there a deadweight loss? Show it on the graph and explain it briefly. Be sure to think very carefully about who the consumers (demanders) are in the market for airline pilots and who the producers (sellers) are

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