In the absence of other market failures,allocative efficiency is achieved in a perfectly competitive industry because

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In a perfectly competitive industry, firms are price takers and cannot influence the market price. Therefore, they produce at the output level where their marginal cost equals the market price. This output level is also where the marginal cost to producers equals the marginal benefit to consumers, and hence allocative efficiency is achieved.

In the Absence of Other Market Failures,allocative Efficiency Is Achieved