Which of the following statements correctly describe the implications of deadweight loss in a market affected by price controls? Select all that apply.

Deadweight loss occurs when a market is not operating at its most efficient level, often due to price controls like price ceilings or floors. When the government sets a maximum price (like rent control), it can lead to a shortage of goods because suppliers may produce less when they cannot charge higher prices. Conversely, with a minimum price (like a minimum wage), there may be a surplus of labor as more people want jobs than there are available positions. This means that both buyers and sellers are not getting the full benefits they could if the market were allowed to operate freely. For example, if rent is capped too low, landlords may not maintain their properties, leading to a decline in housing quality, which shows how deadweight loss affects both supply and demand.