Which of the following represents a market situation where resources are allocated efficiently?

In a market that achieves equilibrium, the quantity demanded by consumers equals the quantity supplied by producers. This balance signifies that resources are being allocated efficiently because the allocation occurs at the price where the desires of consumers align perfectly with the availability of goods and services.

At equilibrium, there are no unfulfilled demands or excess surpluses; therefore, all resources are utilized in a manner that maximizes total welfare in the market. Consumers purchase the quantity they want at the prevailing price, and producers supply exactly what is needed without overproduction or shortages. This means that all trades that could benefit both buyers and sellers have been completed, maximizing resource allocation.

The other options represent scenarios where resources are not allocated as effectively. For instance, a price floor leads to a disequilibrium where the market price is set above the equilibrium level, causing excess supply and wasted resources. Excess supply directly implies that not all produced goods are sold, which indicates inefficiency in resource allocation. Additionally, focusing solely on consumer surplus ignores the producer surplus, which is also essential for a comprehensive view of market efficiency. Thus, achieving equilibrium is the key condition for efficient resource allocation in a market.