Do 'competitive markets' allocate resources fairly?

Question

this is how the question is asked in my economics textbook!

Answer 1

It seems that you have mixed two philosophies in your question.
"Competitive" means free market, where buyers and sellers have equal opportunity to operate.
"Fairly" is a Socialist term, meaning the outcomes are the same.
In the free market, there are equal opportunities but not necessarily equal outcomes.

Answer 2

Fairly is in the eye of the beholder. I think competitive markets are the best solution to the distribution of goods and services, but many do not.