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In vendor fraud, customers don't pay for goods purchased.
a.True
b.False

User Alchemy
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1 Answer

1 vote

Final answer:

Buyers can be willing to pay more than the equilibrium price in the goods market under certain circumstances.

Step-by-step explanation:

The statement is false because in the goods market, buyers can be willing to pay more than the equilibrium price under certain circumstances. The equilibrium price is determined by the intersection of the demand and supply curves, where the quantity demanded equals the quantity supplied. If there is high demand for a particular good, buyers may be willing to pay a higher price to secure the limited supply available in the market. This can lead to an increase in the equilibrium price.

For example, during a shortage of a popular product like the latest smartphone, buyers may be willing to pay higher prices or even go above the equilibrium price to ensure they get the product before it is sold out. This willingness to pay more than the equilibrium price is driven by factors such as scarcity, popularity, and urgency.

In summary, while the equilibrium price represents the point where buyers are willing to pay and sellers are willing to sell, it does not mean that buyers will never pay more than the equilibrium price in the goods market.

User Denees
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