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Which of the following statements most accurately describes the concept of deadweight loss? A) the loss of production that occurs when a binding price floor
Which of the following statements most accurately describes the concept of deadweight loss?
A) the loss of production that occurs when a binding price floor or ceiling is imposed
B) the overall loss of economic surplus that occurs when a market is inefficient
C) the loss of consumption that occurs when a binding price floor or ceiling is imposed
D) the loss of economic surplus to consumers
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