Definitions:
Deadweight Loss
The loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved, leading to a loss of total welfare or economic surplus.
Price Ceilings
Regulatory measures that set a maximum price that can be charged for a product or service, intended to protect consumers from excessive pricing.
Price Floors
Legally established minimum prices for goods or services, aimed at preventing prices from falling too low, often used in agriculture.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities or a lack of public goods.
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