00:01
So what is a deadweight loss? that way loss, by definition, is a loss in the social or total supplies when market produces inefficient quantity of goods and services.
00:16
So what does this mean? what does economy produce inefficient quantity? so it's kind of resulting to the deadweight loss.
00:26
It occurs when demand and surplus are not equal to equilibrium.
00:31
So what that has mean that the inefficiency.
00:34
So inefficient quantity is where the quantity is the demand curve, demand and supply curve are not intersect with each other.
00:46
So i took the screenshots.
00:47
I think the price floor and price selling are perfect examples to illustrate what is that we lost.
00:53
Because before, without press setting, the equilibrium press, as we know here, is right here for this picture and right here for this picture for the red picture.
01:07
And but when there is the press setting here, the market can never reach this point, right? and the same for the press floor here, the market can never reach this point, which is equilibrium points...