Yale professor Joel Waldfogel authored a paper on this quantity during the Christmas season, comparing the efficiency of gifts to significant others to the inefficiency of gifts from extended family. For 10 points each:
[10e] Name this so-called economic “loss” in which market inefficiencies cause a decline in total surplus. This quantity is represented by a triangle formed on two sides by supply and demand.
ANSWER: deadweight loss
[10h] Some economists argue that micro-efficiencies denoted by triangles named for this economist pale in comparison to macroeconomic harms on Christmas. This economist wrote The Incidence of Taxation.
ANSWER: Arnold Harberger [or Arnold Carl Harberger]
[10m] In “The Business Cycle Effects of Christmas,” Yi Wen analyzed seasonal business cycles with this property. Variables with this property are uncorrelated with the error term.
ANSWER: exogenous [or exogeneity]
<McMaster, Social Science>