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In general, you are right. There's more to it than that. Electrostatic's impedance drops the most at high frequencies but there usually isn't that much power demand in the upper 2 octaves. Efficiencies of speakers in general are not measured broadband so that info is a missing variable. Some...

I sold stereos at a Lafayette store in Ithaca, NY the summer of 1970. At that time there were FTC rules that prohibited lying about power ratings and only RMS values were permitted. However the forces of commerce found their way into undoing truth in advertising, as they have found their way...