(Answered) 1 what is meant by deadweight loss why does a price ceiling

Economics

1. What is meant by deadweight loss? Why does a price ceiling usually result in a deadweight loss?

2. Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling below the market-clearing level, would a deadweight loss result? Explain.

3. How can a price ceiling make consumers better off? Under what conditions might it make them worse off?

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