Your Aunt Edna gives you a sweater for your birthday that cost $60. You like the sweater but would have only paid $40 for it. Economists would say that Multiple Choice there is a $60 value loss because it would have been more efficient for you to just receive cash. there is total value gain of $100 to society$60 to the seller and $40 worth of utility to the recipient. there is no value loss because you like the sweater and would have been willing to pay some positive amount for it