Definitions for "Deadweight loss"
The net loss in economic welfare that is caused by a tariff or other source of distortion, defined as the total losses to those who lose, minus the total gains to those who gain. Usually identified in a supply-and-demand diagram in terms of change in consumer and producer surplus together with government revenue. The net of these appears as one or two welfare triangles.
the loss in producer and consumer surplus due to an inefficient level of production.
the reduction of consumer surplus without a corresponding increase in monopoly profit when a perfectly competitive firm is monopolized