Well, there are some "market inefficiencies":

With a growing market price, the electricity costs may fall way behind the market value due to a time lag - it takes time time to get new mining equipment online.

With a stable market price, the electricity costs will probably be some levels below the market value, mining equipment represents big investments, investors may shy away from risks and may require a decent return on the investment.

With a stable market price, mining cartels or big centralized mining pools may also decide not to invest too much into mining, as all new mining equipment put online hurts the profitability of existing mining equipment.

However, with a falling market price, we'll actually see equipment being turned off. There is equipment out there that is less efficient than others (i.e. old mining gear), and some miners are having higher electricity costs than others. If the price falls too much, some equipment will become unprofitable to run, and it will be put offline.