What two important functions does a market Question content area Part 1 Which of the following best describes the concept of deadweight loss? A. It is the loss of consumer surplus from underproduction or overproduction. B. It is the loss of consumer and producer surplus from underproduction or overproduction. C. It is the loss of consumer and producer surplus from underproduction only. D. It is the loss of consumer surplus from underproduction only. perform? Part 2 A. It provides an automatic mechanism for distributing scarce goods and services and determines both the allocation of resources among producers and the final mix of outputs. B. It aids in the formation of alliances among businesses and provides a platform for intervention by state authorities. C. It provides a manual mechanism for distributing scarce goods and services and determines both the allocation of resources among producers and the final mix of outputs. D. It rations goods and services through fluctuating prices and facilitates the distribution of resources through government fiat