The Colombia international feels the newly-promoted outfit need to be more clinical if they are to usurp Paris Saint-Germain as the top team in France
The Stade Louis II side created a number of chances to break the deadlock, but failed to beat goalkeeper Ali Ahamada and were ultimately forced to settle for a draw.
"We will have a lot of games like that. We need to resolve our problems and be more efficient up front," Falcao was quoted as saying on the official Ligue 1 website.
"We had chances in the first half. In the second half, we wanted to score. It was all a little disordered. Toulouse reduced the spaces intelligently. They worked very well."
Head coach Claudio Ranieri, meanwhile, was satisfied with the final result, in spite of the fact that Monaco dropped points for the first time this season.
"It was a very good match," he Italian stated. "We played very well in the first half. We played down the wings and got in behind. The only thing missing was the goal.
"In the second half, on the other hand, there was a lot of nervousness in our team.
"But I am quite satisfied, especially because we might have lost at the end."
Monaco currently sit atop of Ligue 1, with seven points from three games.