Question

The social cost associated with the distortion in consumption from a monopoly price is called

Answer 1

This social cost is called deadweight loss or excess burden or allocative inefficiency. It is linked with the distortion in consumption resulting from monopolized pricing.  Deadweight loss is the descent in overall surplus that results from a market distortion, like tax for example. In economics, it is defined as a damage in economic efficiency that can happen when equilibrium for an amenity is not attained or is considered unachievable