Which of the following need not be satisfied for a perfectly competitive market to achieve allocative efficiency?

Question

Which of the following need  not  be satisfied for a perfectly competitive market to achieve allocative efficiency?

Accepted Answer

Only high-quality goods are produced.

Answer

Market price equals marginal social cost.

Answer

Marginal social cost equals marginal social benefit.

Answer

Market price equals marginal social benefit.

Answer

The sum of consumer surplus and producer surplus is maximized.

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