The following graph shows equilibrium in a free market, with equilibrium quantity of QE. PRICE E QUANTITY Supply Demand (?) For any level of output equal to QE, a buyer values a unit of goods in this market the same amount as the unit will cost a seller. Suppose now that a firm that produces for this market is able to emit particulate matter into the air surrounding its production facility, harming wildlife and negatively affecting the breathing of nearby residents. This is an example of market failure due to an externality

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.