Based on your knowledge of the merge sort and quick sort algorithms, what are their glaring similarities and differences? Elucidate with examples.

Example: merge sort vs quicksort

Efficiency :

Merge sort is more efficient and works faster than quick sort in case of larger array size or datasets.
whereas
Quick sort is more efficient and works faster than merge sort in case of smaller array size or datasets.
Preferred for :

Quick sort is preferred for arrays.
whereas
Merge sort is preferred for linked lists.