Final answer:
Market failure and perfect competition lead to efficient resource allocation in markets.
Explanation:
Market failure occurs when markets do not lead to efficient allocation of resources due to various factors such as externalities, public goods, asymmetric information, and concentration of power. In contrast to perfect competition where resources are efficiently allocated by equalizing demand and supply prices, market failure results in inefficient resource allocation. Therefore, achieving an efficient allocation of resources requires competitive markets with well-defined property rights.
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