Implementing an import ban on Canadian beef _______.

A.

has no effect on either South Korean consumers or South Korean producers because the South Korean beef market remains in equilibrium

B.

raises the price of beef in South Korea. South Korean consumers buy less beef and South Korean producers sell more beef

C.

raises the price of beef in South Korean. South Korean consumers buy the same quantity of beef and South Korean producers sell the same quantity of beef

D.

lowers the price of beef in South Korea. South Korean consumers buy more beef and South Korean producers sell less beef

Part 2The graph shows the market for beef in South Korea.When South Korea implements an import ban on Canadian beef, consumer surplus in South Korea _______ and producer surplus in South Korea _______.

A.

decreases by area B +

D;

increases by area D

B.

decreases by area

B;

increases by area B

C.

decreases by area B +

D;

increases by area B

D.

increases by area B +

D;

decreases by area B