For ten points, identify this loss of economic efficiency that results when a market is not producing the socially optimal amount of goods.
According to a study conducted by economist Joel Waldfogel in 1993, national purchases of Christmas gifts created a large amount of this economic quantity, equal to about 10-18% of all Christmas purchases. Other causes of it include monopoly pricing, taxes, and binding price ceilings or floors, all of which can cause a market to deviate from the normal equilibrium output level. For ten points, identify this loss of economic efficiency that results when a market is not producing the socially optimal amount of goods.
According to a study conducted by economist Joel Waldfogel in 1993, national purchases of Christmas gifts created a large amount of this economic quantity, equal to about 10-18% of all Christmas purchases.
{deadweight loss} (accept {excess burden})