Good point. By searching for “deadweight loss price ceiling lower bound” I was able to find a source (see page 26) that acknowledges this, but most explications of price ceilings do not seem to mention that the triangle is just a lower bound for lost surplus.
Good point. By searching for “deadweight loss price ceiling lower bound” I was able to find a source (see page 26) that acknowledges this, but most explications of price ceilings do not seem to mention that the triangle is just a lower bound for lost surplus.