Deadweight loss refers to the loss of economic welfare arising from distortions in prices and output such as those due to monopoly, as well as those due to taxation, tariffs, or quotas.

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This statement correctly defines deadweight loss as the loss of economic welfare caused by distortions in prices and output, which can result from various factors such as monopoly power or government interventions like taxes, tariffs, and quotas.

Deadweight Loss Refers to the Loss of Economic Welfare Arising