In which market do you expect deadweight loss to be greater, Microeconomics

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In which market do you expect deadweight loss to be greater

Problem

Suppose price is 5 percent above equilibrium in two markets: a market for a necessity and a market for a luxury good. All else equal (including supply conditions), in which market do you expect deadweight loss to be greater? Explain.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: In which market do you expect deadweight loss to be greater

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