Final answer:
The statement about buyers not willing to pay above equilibrium price is false because real-world conditions, differentiation, and urgency can lead to higher prices, just as sellers may accept lower prices due to surpluses or the need for quick sales.
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 demanded by consumers equals the quantity supplied by producers. However, market conditions can lead to situations where buyers are willing to pay more, such as during shortages or when the goods have unique value to the buyer. Differentiation and urgency may lead to consumers valuing the product more than the equilibrium price, as seen in markets for collectibles, artwork, or when new and highly anticipated products are released.
Similarly, the statement "In the goods market, no seller would be willing to sell for less than the equilibrium price" is false because there may be circumstances, such as a surplus or the need for quick sales, which result in sellers accepting a lower price. Special promotions, clearance sales, and liquidation events are examples of this. Both buyers and sellers have various motivations and constraints that impact the price at which they are willing to trade, independent of the market equilibrium.