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Deadweight loss is the loss to the society caused by market inefficiency because supply and demand are not in equilibrium! 💡 Although some sectors of the society may benefit from the inefficiency, others will still be negatively impacted by the shift. Price ceilings, price floors, and imposing taxes are some ways that could cause deadweight loss since consumers and producers may be worse off depending on the price control set. #EconTok #Economics #Economics101 #UPDiliman #LearnOnTikTok #FYP
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