From the viewpoint of economic efficiency, when competitive forces in an industry are weak, market allocation will often lead to a. an output of the product that exceeds the amount consistent with ideal economic efficiency. b. an output of the product that is less than the amount consistent with ideal economic efficiency. c. an output of the product that equals the amount consistent with ideal economic efficiency. d. product prices that are below the cost of production.

B. an output of the product that is less than the amount consistent with ideal economic efficiency

Explanation: Economic efficiency is the state in which all available resources are optimally allocated to serve each individual or entity in the best way while reducing to the minimum, waste and inefficiency. In reality, economic efficiency has shown that nothing can be improved without something else being hurt.

When competitive forces are weak, it leads to decrease in output as economic efficiency is only maximized when price is equal to marginal revenue because at this point both profit and efficiency are maximized.

answer; /// the above statement is (true);