8. Property rights and market failures Graphic designers are much likely to supply art to the market if property rights are not enforced. Public policy can improve economic efficiency in the presence of market failures. Complete the following table by classifying the source of market failure in each case. Market Failure Market Power Externality A single gas station has exclusive rights to operate along a private toll-road. As a result, the company can set the price of gasoline. A local bar plays its extremely loud jukebox deep into the night, disturbing its residential neighbors