What do economists call the loss society experiences when there is market failure and the production of a good is less than the efficient amount?

Question

Quizplus · Accepted Answer

Deadweight loss is the loss in economic surplus due to market inefficiency or market failure. It occurs when the quantity traded in a market is less than the efficient quantity, leading to a reduction in total surplus for society. The other options, such as taxes, subsidies, price floors, and quantity restrictions, may affect market outcomes, but do not necessarily result in deadweight loss.

What Do Economists Call the Loss Society Experiences When There