The diagram below shows the demand and supply curves in a perfectly competitive market. 
FIGURE 12- 5
-Refer to Figure 12- 5. Allocative efficiency occurs
Definitions:
Implied Ratification
The act of accepting and endorsing previous actions or decisions unofficially or through indirect conduct, even without formal approval.
Age of Majority
The legally defined age at which an individual is considered an adult and responsible for their actions.
Voidable
A legal term for a transaction or agreement that is valid and enforceable on the surface but may be declared void by one or more of the parties involved.
Emancipation
The process by which a minor is legally freed from control by their parents or guardians and the parents are freed from any and all responsibility toward the child.
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