Final answer:
The statement that a customer may change their mind if the cost is too high is true, reflecting the concept of price sensitivity. The claim that no buyer would pay more than the equilibrium price in the goods market is false because factors like scarcity and brand loyalty can lead buyers to pay more.
Step-by-step explanation:
The statement 'The customer may change his or her mind about the entire sales transaction if the overall cost gets too high' is true. In any sales transaction, the customer's willingness to complete a purchase can be influenced by several factors including the overall cost. If a customer perceives the total price as too high, they may reconsider their need or desire for the product or service and ultimately decide to not proceed with the purchase. This is known as 'price sensitivity' and is a fundamental concept in economics and business.
Regarding the statement that is false: 'In the goods market, no buyer would be willing to pay more than the equilibrium price', we can find exceptions. Sometimes, buyers are willing to pay a higher price due to factors like product scarcity, brand loyalty, perceived value, or urgency of need. Therefore, while the equilibrium price represents a balance between supply and demand, actual transactions can occur at various price points, above or below equilibrium.