Question: South Korea to Resume Canadian Beef Imports 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.
Explain how South Korea's import ban on Canadian beef affected beef producers and consumers in South Korea. Draw a graph of the South Korean market for beef to show how this ban changes consumer surplus and producer surplus and creates deadweight loss.