Question

The data shows that at least one individual is willing to pay $45.
a) True
b) False

Answer 1

The statement is false because there could be buyers who are willing to pay more than the equilibrium price if they value the goods more than the market price.

Step-by-step explanation:

The statement, "In the goods market, no buyer would be willing to pay more than the equilibrium price," is false.

In the goods market, the equilibrium price is the price at which the quantity of goods demanded by buyers is equal to the quantity of goods supplied by sellers. However, there could be buyers who are willing to pay more than the equilibrium price if they value the goods more than the market price.

For example, let's say the equilibrium price for a bar of chocolate is $2. If there is a buyer who really loves chocolate and is willing to pay $3 for it, then they would be willing to pay more than the equilibrium price.