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5 . Market efficiency and market failure Suppose that the following graph shows a free market equilibrium, with Qp as the equilibrium quantity. ? Supply PRICE Demand QUANTITY For an output level above QE, the value of a unit to a buyer is the cost of a unit to a seller. ^choices are = to, greater than and less than Suppose a firm that produces for this market is able to influence the market price, which leads to an outcome that differs from the free market equilibrium shown in the previous graph. Such a situation is characterized by , which is an example of choices are a market power and an choices are efficiency an inefficiency externality