Final answer:
Under the state policy, should a sales associate accept the item for return, the given statement is false because in a competitive market, sellers are motivated by maximizing profits and may be willing to sell for less than the equilibrium price to increase long-term revenue.
Step-by-step explanation:
In a competitive market, sellers are motivated by maximizing their profits. This means that they would be willing to sell for less than the equilibrium price if it allows them to increase their overall sales volume and generate more revenue in the long run.
For example, let's say the equilibrium price for a product is set at $10. If a seller decides to sell their product for $9, they might attract more customers who are enticed by the lower price. This could lead to a higher overall sales volume, compensating for the lower individual selling price.
In addition, sellers might lower prices temporarily through sales or discounts to attract more customers and increase demand. These promotional strategies can generate higher sales volumes and build customer loyalty, which can be beneficial in the long term.
Overall the statement “In the goods market, no seller would be willing to sell for less than the equilibrium price” is false. in the goods market, sellers have the flexibility to adjust their prices based on various factors, including competition, demand, and their own profit goals. It is not accurate to assume that they would never be willing to sell for less than the equilibrium price.