Which of the following statements about the outcome in a perfectly competitive market is incorrect?

Question

Accepted Answer

Firms get the most value out of their resources at every point along a consumer's demand curve.

Answer

When firms in perfect competition are away from the long-run equilibrium, the market is still efficient.

Answer

A competitive market equilibrium achieves an efficient outcome.

Answer

The market demand curve is derived by finding how consumers' best budget allocation changes as the market price of a good changes.

Answer

Consumers allocate their budgets to get the most value possible.

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