In the opinion of free marketeers and libertarians, what causes market failure?

Marketers are supporters of a market system. Libertarians are people who believe in economic free thinking. In the opinion of marketers and libertarians, the following are the causes of market failure:

• Market control. Normally, demand and supply should be the force that controls the market and market prices. When the seller or the producer controls the market, then it can cause market failure. Producers may control the market by being the sole producers of specific goods and services, which is termed as a monopoly. The control may be in terms of colluding supply levels in order to manipulate prices. On the other hand, the buyer may cause market failure by compromising to one seller. The shift of market controls leads to an imbalance in demand and supply and consequently brings market failure.
• Insufficient information in the market. The pricing of goods and services is influenced by the presence of proper market information. Producers may price the goods for a less or more price than the customers would be willing to pay. Low prices would increase demand and in case of insufficient supply to meet the hyped demand, market failure occurs. High prices lower the demand and therefore causing an imbalance in demand and supply.