Final answer:
The statement is false because buyers might value a product higher than its equilibrium price due to perceived value or supply constraints, leading them to pay a premium.
Step-by-step explanation:
The statement In the goods market, no buyer would be willing to pay more than the equilibrium price is false because the equilibrium price is a theoretical construct where the quantity supplied equals the quantity demanded. However, in reality, buyers may be willing to pay more than the equilibrium price for various reasons.
One reason might be the perceived value of the product. If a buyer perceives that the value of a product is higher due to its quality, brand, or some unique feature, they may be willing to pay a premium.
Another reason can be supply constraints. In certain situations, such as with limited edition items or when there is a temporary shortage, buyers may compete to purchase the product, even at a higher price than the equilibrium.