Question

A contract for the sale of goods with a price of $500 or more requires written proof to be enforceable?

a) True
b) False

Answer 1

The statement 'In the goods market, no seller would be willing to sell for less than the equilibrium price' is false.

Step-by-step explanation:

The statement, 'In the goods market, no seller would be willing to sell for less than the equilibrium price,' is false. In a competitive market, the equilibrium price is determined by the intersection of the supply and demand curves. Sellers may be willing to sell goods for less than the equilibrium price under certain circumstances.

For example, if there is excess supply in the market, meaning that there are more sellers than buyers, sellers may lower their prices in order to attract buyers and clear their inventory. Additionally, sellers may offer discounts or promotions to increase sales volume, even if it means selling below the equilibrium price.

Therefore, it is not accurate to claim that no seller would be willing to sell for less than the equilibrium price in the goods market.