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市场失灵发生时，在一个自由市场的资源分配是低效的。市场失灵发生在市场没有完全竞争的时候。造成市场失灵的原因有很多。市场失灵的主要原因是：
负外部性
外部性是指一个人的行为对旁观者福利的补偿的影响。负外部性的问题，如环境污染效应引起的社会边际成本（MSC）生产超过边际私人成本（MPC）根据下面的图：
在生产过程中，企业会造成环境的污染。污染对公众健康的使边际社会成本差（MSC）超过边际私人成本（MPC）。生产优化是在QS，MSB等于MSB。企业生产商品在QP，在MPB等于MPC。生产过剩不仅不会促进公共福利，但也会引起更多的对环境的污染。因此，市场将效率低下。
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Market failure occurs when the allocation of resources in a free market is inefficient.Market failure occurs when the market is not in perfectly competitive.There are many reasons to cause market failure.The main causes of market failure are:
a)Negative Externalities
Externalities are defined as the uncompensated impact of one person’s actions on the well-being of a bystander.Negative externality such as the effect of environmental pollution can cause the marginal social cost(MSC)of production to exceed the marginal private cost(MPC)according to the diagram below:
In the process of production,the firms will cause the pollution of the environment.The pollution is bad for public health so that the marginal social cost(MSC)is exceed the marginal private cost(MPC).The optimum of production is at Qs,MSB is equal to MSB.The firms will produce goods at Qp,where MPB is equal to MPC.The excess of production not only does not promote the public welfare but also causes more pollutions to the environment.As a result,the market will go inefficient.
b)Positive Externalities
The positive externalities such as the provision of education and healthcare can cause the marginal social benefit(MSB)of consumption to exceed the marginal private benefit(MPB)according to the diagram below:
In a free market,the consumption will be at Qp where the private benefit equals to the private cost.However,this is socially inefficient because the social benefit is exceed to the social cost.Therefore,that is under-consumption(Qs-Qp)of the positive externality.The social efficiency will occur at Qs where the social cost equals social benefit.
c)Merit and Demerit goods
Merit good is a good that people do not realise its true benefit such as the people underestimate the benefit of education.The examples of merit goods are education and healthcare.These goods usually have positive externalities.Therefore,there will be a under-consumption of merit goods in a free market.
Demerit good is a good that people do not realise the costs of doing something such as smoking and drugs.These goods usually have negative externalities.Therefore,there will be over-consumption of demerit goods in a free market.
d)Public goods
The private sectors in free markets cannot profitable supply to consumers public goods that are needed to meet people’s demand.So that the public goods are generally provided by government.
e)Monopoly Power
Market that controlled by monopoly can cause under-production and higher prices than would exist under condition of competition.
f)Factor immobility
Factor immobility will cause unemployment hence productive inefficiency.
