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?
Definitions:
Total Quality Management
A comprehensive management approach focusing on continuous improvement in all organizational processes, aiming for long-term success through customer satisfaction.
Target Selling Price
The price at which a company aims to sell its product or service, determined by factors such as cost, market demand, and competition.
Target Margin
The desired profit margin that a company aims to achieve for a product or service, used as a benchmark for pricing and cost management strategies.
Target Cost
The desired cost of manufacturing a product, which is calculated to ensure profitability at a specific selling price.
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