What is the concept of welfare loss (dead weight loss)?
1) The loss of economic efficiency that occurs when the equilibrium quantity of a good or service is not produced
2) The loss of consumer surplus that occurs when the price of a good or service increases
3) The loss of producer surplus that occurs when the price of a good or service decreases
4) The loss of total surplus that occurs when the quantity of a good or service produced is less than the socially optimal quantity