Short Answer
Figure: Market Activity with and without Trade 
Refer to the figure. Using the diagram for market activity with and without trade to consider the effects of a trade restriction that eliminated foreign trade in an economy, answer the following questions.
a. What is the dollar amount of deadweight loss created as a result of the trade restriction?
b. What is the dollar value of wasted resources as a result of the trade restriction?
c. What is the dollar gain in domestic producer surplus as a result of the trade restriction?
Correct Answer:
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a. $450
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Correct Answer:
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b....
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