Final answer:
The statement “In the goods market, no buyer would be willing to pay more than the equilibrium price” is false because buyers may be willing to pay more if they highly value the product or service.
Step-by-step explanation:
The statement “In the goods market, no buyer would be willing to pay more than the equilibrium price” is false. In a market, the equilibrium price is determined by the intersection of the supply and demand curves. The equilibrium price represents the price at which the quantity demanded equals the quantity supplied. However, buyers may be willing to pay more than the equilibrium price if they value the product or service highly. For example, consider a situation where there is a high demand for tickets to a popular concert. The equilibrium price for the tickets may be $100, but some buyers may be willing to pay more, such as $150 or $200, to secure a ticket due to their strong preference for attending the concert. Therefore, in the goods market, it is possible for buyers to be willing to pay more than the equilibrium price depending on their preferences and the value they place on the product or service.