28. What is the size of producer surplus when Price Floor of $9 is imposed? 29. What is the size of deadweight loss from Price Floor of $9? 30. What is the size of social surplus when Price Floor of $9 is imposed?

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Total Surplus and Deadweight Loss

Economists generally define efficiency as when it is impossible to improve the situation of one party without imposing a cost on another. Conversely, if a situation gets inefficient, a party will benefit more than the other without imposing costs on others.